Infin8 Care has acquired three aged care homes from small private operator Retreat Care, for an estimated $100 million, although the actual price has not been revealed.
The off-market sale was managed by Phil Smith of Health Aged Care Confidential.
Phil said, “Despite an extremely challenging operating market, there is still strong appetite for quality aged care facilities, though pricing is moving from a ‘per bed’ basis to a ‘per room’ equation.”
Phil believes there are still plenty of aged care operators with four homes or fewer. He says that increasing regulatory compliance costs mean that there is an increasing trend towards consolidation, where larger operators have greater opportunity to spread overheads across operations.
Off-market sales are often the preferred option for the sale of aged care homes, because they pose less disruption for residents and staff, according to Phil.
The homes sold are in Cleveland, Ashmore and Tweed Heads, in total more than 350 beds.
Infin8 Care now has 17 aged care homes. Six based in South East Queensland, where their head office and Business Support Centre is based.
Infin8 Care’s Co-Founders and Joint Managing Directors, Chris Stride and Tony Partridge, said, “We are excited about the latest acquisition and that these homes are close to our Business Support Centre on the Gold Coast.
“It is important to us that we continue to provide the highest level of care and customer experiences for our residents and have an environment for our new team that is engaging, collaborative and fun.
“Infinite Care will review opportunities for innovation, technology, and refurbishment at these homes in early 2023, with a focus on ensuring that our residents are in the driver’s seat, choosing how they want to live this exciting new stage of their life in residential aged care.
“We will provide a warm, inclusive and purposeful home environment that supports every single individual.”
