Australia's largest residential aged care provider has acquired five aged care homes from private operator Cranbrook Care, located in Kanwal on the NSW Central Coast, and Kellyville, Neutral Bay, Abbotsford and Bella Vista in Sydney.
Private equity-owned Opal HealthCare now has 52 Care Communities in New South Wales with 138 in total.
CEO of Opal HealthCare
Opal HealthCare CEO Rachel Argaman welcomed the addition of Cranbrook Care’s aged care team, residents and representatives.
“We are privileged to be taking on the exceptional legacy of Cranbrook Care, and to provide choice, outstanding accommodation and of course, excellent care, to more older people in NSW," she said.
The majority of Cranbrook Care’s staff will transfer to Opal HealthCare to ensure continuity of care, and giving them access to career pathways in aged care, training and development programs, and scholarships for further studies.
Kanwal Springs Care Community, 115km north of Sydney, has been renamed and rebranded from William Cape Gardens. Over time, the four Sydney aged care communities will be rebranded to Opal HealthCare.
Cranbrook Care to focus on retirement living
Executive Director at
Cranbrook Care
Cranbrook Care told The SOURCE they will retain their retirement villages, including Cranbrook Residences in Norwest, 35km northwest of the Sydney CBD, and have plans to expand further into retirement living.
Executive Director Kerry Mann told The SOURCE, “Cranbrook Care plans to bring our wealth of knowledge in running Australia's best aged care residences into retirement living."
The luxury Lansdowne Gardens home in Neutral Bay, which was developed by Cranbrook Care on Sydney's Lower North Shore about 2km from the city centre, opened a memory support unit 12 months ago.
Opal HealthCare is one of the few aged care providers pursuing an aggressive expansion strategy. The operator has new developments underway in Narwee and St Ives, Sydney, and Brighton and Caulfield, Melbourne. It is also pursuing co-located homes within retirement living communities, forming a partnership with Aveo for four homes, and announcing a 190-home within Keyton's Bernborough Ascot precinct, Brisbane.
Pacific Equity Partners acquired a 50% stake in Opal HealthCare in February this year. Singaporean investment firm G.K. Goh Holdings also owns a 50% stake in the provider.