The Not For Profit home care provider has purchased the private-equity owned home care provider, including KinCare Health Services Pty Ltd and KinCare Management Pty Ltd, with its 1,300 employees providing care and services to more than 11,500 Home Care Package (HCP) or Commonwealth Home Support Programme (CHSP) clients.
With Silverchain Group's existing 21,300 home care customers, the purchase will increase the combined organisation's client base by 50% to nearly 33,000 in-home care recipients, making Silverchain Group the third largest home care provider in Australia based on revenue behind Australian Unity following its recent acquisition of myHomecare.
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Silverchain Group operates in Western Australia, South Australia, Queensland, Victoria and New South Wales. The purchase will expand the group's home care presence on the East Coast, including expansion for the first time into Tasmania and the Australian Capital Territory.
“This acquisition reflects the respect we have for KinCare. Silverchain will also benefit from KinCare’s digital investment as part of our own digital transformation,” Silverchain Group Chief Executive Dale Fisher AM said.
KinCare was acquired by ASX-listed financial services firm MA Financial Group, a joint venture with NYSE-listed investment bank Moelis & Company, in September 2022.
KinCare Health Services Pty Ltd and KinCare Management Pty Ltd will be managed as subsidiaries of Silver Chain Group Ltd for a period while relevant non-profit charity status is sought from the Australian Charities and Nonprofit Commission.
KinCare Chief Executive Officer Bernadette Gotch said, “As we approach a period of needed reform and strengthened quality standards for in-home aged care, we will be able to learn from each other for the benefit of all our clients."
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