Herbert Smith Freehills (HSF) and Maddocks have acted in the sale of five major residential aged-care facilities in New South Wales.
HSF acted for Japara Healthcare, which acquired the facilities and 507 bed licences for $53.5m from Riviera Health, which was advised by Maddocks.
“We continue to see consolidation in the aged care sector, as many of the major providers search for opportunities to optimise scale in key markets. The sector remains highly fragmented and the operating environment increasingly challenging for single facilities and smaller groups,” said Lucille Scomazzon, Maddocks partner and healthcare sector leader.
“Opportunities of a similar size and scale to Riviera Health are comparatively rare in the market. This deal is the latest example of the trend towards consolidation in the sector, which we expect to continue for the foreseeable future,” she said.
Scomazzon led the Maddocks team along with partners Aaron Kloczko and Bronwyn Badcock. The team also included senior associate Angela Tao and lawyer Lucy Taylor.