Home care provider KinCare has been bought by ASX-listed financial services firm MA Financial Group, a joint venture with NYSE-listed investment bank Moelis & Company.
MA Financial – formerly Moelis Australia – held a 25.5% stake in KinCare as of its 2021 Annual Report, having first set its sights on the provider in late 2017; the firm manages $7.2 billion in assets including real estate, hospitality, venture capital, private equity, and credit.
A spokesperson for MA Financial confirmed to The Weekly SOURCE that the firm has this month acquired all of the Howie family’s ordinary shares in KinCare, and appointed its own executive, Hugh Thomson (pictured), as the provider’s new CEO.
“MA Financial has been supporting KinCare financially since 2017 and acknowledges the foundation of quality care upon which the Howie family built KinCare.
“As the new owner of KinCare, it will ensure the quality of care KinCare delivers to its customers remains the company’s number one priority,” the spokesperson said.
KinCare was founded in 1992 by Margaret Howie, and served approximately 10,000 clients around Australia as of 2020. It operates in all six states, as well as the ACT.
