Australia’s largest aged care operator, Opal HealthCare, has added three more homes to its Victorian footprint after completing the acquisition of Australian Aged Care Group (AACG) on 1 September 2025.
The purchase of AACG’s three facilities – a combined 379 beds – brings Opal HealthCare’s portfolio to 142 care communities nationwide, including 56 in Victoria.
The three homes are:
- Phillip Island Grove Care Community in Cowes, 150km south of Melbourne, with RADs up to $575,000
- Mount Eliza Botanica Care Community on the Mornington Peninsula, with RADs up to $1.9 million
- Kew Botanica Care Community, 5km east of the Melbourne CBD, with RADs up to $2 million
Founded in the 1960s by Keith and Betty Matthies, AACG was among the pioneers of purpose-built aged care in Melbourne. Their son, John Matthies, later became Managing Director and continued to expand the family legacy.
Opal HealthCare CEO Rachel Argaman OAM welcomed AACG residents, families and staff into the fold.
“We’re privileged to be entrusted with the extraordinary legacy of Australian Aged Care Group,” she said. “We’ll bring the best of our two organisations together to meet the needs of ageing Australians and provide the care, services and lifestyle options they not only expect, but want to enjoy through all the stages of ageing.”
Expansion in overdrive
Opal HealthCare is 50% owned by private equity firm Pacific Equity Partners and Singaporean investment group G. K. Goh Holdings. With their backing, the operator has adopted one of the most aggressive growth strategies in the sector.
- March 2024: Acquired BlueCross’ 31 homes in Victoria, also marking its entry into home care.
- May 2025: Purchased the five luxury homes of Cranbrook Care.
- Current pipeline: Multiple new builds underway in Sydney (Narwee, St Clair, St Ives) and Melbourne (Brighton, Caulfield).
The retirement living connection
Opal is also investing in integrated precincts that combine aged care with retirement living.
- Croydon Grove Care Community in Melbourne (121 beds) co-located with Aveo's Mingarra Retirement Living community.
- Epping Grand Care Community in Sydney (132 beds) due to open November 2025 across six floors of Levande’s 28-storey vertical village, The Cambridge.
With the AACG deal complete, Opal has cemented its position as the country’s biggest aged care provider – and shows no sign of slowing its acquisition drive.
