Private equity firm Quadrant weighs sale of aged care business
Quadrant Private Equity is revisiting the sale of its aged care business myHomecare, and brought back Gresham Partners to usher through a deal.
The potential sale could value the company at close to $400 million, and launch to prospective buyers as soon as September, people familiar with the company told The Australian Financial Review. In addition to Quadrant, myHomecare’s other shareholders RAC WA and the Mann family were also expected to sell their holdings in the business, the people familiar said.
Quadrant Private Equity executive chairman Chris Hadley. Louise Kennerley
Potential buyers include retirement village groups, residential aged care providers, not-for-profit senior living groups, health insurers and private capital investors.
The company is one of Quadrant’s longest-standing investments. Quadrant first backed it in 2016 through its $850 million fourth private equity fund. Quadrant delved deeper into the sector in April 2021 when it acquired Let’s Get Care, another aged care provider, which it added to its existing aged care offering.
Over the course of Quadrant’s seven-year investment, myHomecare has become the biggest home healthcare and rehabilitation offering in Australia. It has more than 20,000 clients in New South Wales, Victoria, Queensland and Western Australia.
Gresham was appointed by Quadrant to assess a potential deal in the first quarter of last year, but no transaction materialised at the time. Gresham also worked with Adamantem Capital on the sale of its own aged care provider, Heritage Life, last year.
Quadrant, known for investing in middle-sized businesses and structuring bolt-on acquisitions such as Let’s Get Care, raised a strategic equity fund worth $600 million this year. It also
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