Mutual company Australian Unity is said to be looking at acquiring leading provider myHomecare Group, which is owned by Quadrant Private Equity, the Australian Financial Review's Street Talk section has reported.
In 2021, Quadrant hired corporate advisory firm Gresham Partners to assess a potential sale of myHomecare, which it bought in 2016. The paper is reporting that Australian Unity, which has 10,785 Home Care Packages (HCPs) under management according to its latest annual report and services clients in NSW, VIC and parts of QLD, has been assessing myHomecare's potential fit with its business.
myHomecare has more than 20,000 Packages and operates in WA, NSW, QLD, and VIC. According to the reports, the provider, led by CEO Tomás Chubb, generated $467 million in revenue and was looking for $40 million EBITDA during 2023.
Quadrant bought 50% of St. Ives Home Care in Western Australia for a rumoured $150 million in 2016, and rebranded it Enrich Living Services. In 2017, the firm joined forces with NSW home care operators myHomecare, and the combined entity undertook a series of acquisitions, including the purchase of PresCare’s home care service. In 2021, myHomecare acquired Melbourne-based home care provider Let’s Get Care, garnering it more than 9,000 additional Home Care Packages.
The Australian's DataRoom section reported an estimated potential sale price of about $300 million in September.
