The firm handled M&A, regulatory, and property aspects to ensure that the transaction succeeds
Hall & Wilcox advised Fairview Care on the transfer of its business and assets to a not-for-profit.
The aged-care approved provider and retirement village operator completed the transfer to Whiddon – which operates in regional, remote, and rural areas of New South Wales and Queensland – last month. The deal has been in the works since October.
Hall & Wilcox said that Fairview has been facing challenges over the last few years like other approved providers in regional areas. The transfer was unanimously voted by the Fairview board as the best option for the organisation’s future, it said.
The transfer is an excellent result for residents and staff of Fairview, as well as the Moree community, the firm said. Fairview is the only residential aged-care facility in Moree, which would have left the community with limited options if it were to close.
The firm handled M&A, regulatory, and property aspects to ensure that the transaction succeeded. It also considered charitable objects of both organisations, which are registered as charities with the Australian Charities and Not-for-profits Commission.
Financial terms of the deal were not disclosed.
The Hall & Wilcox team was headed by Alison Choy Flannigan, partner and head of the firm’s health and community industry group. The team also included property partner Maurice Doria, who was supported by lawyers Sarah Walsh and Alexandra Armstrong-Millar.
“I am so glad that we could achieve this great result for both the residents and staff of Fairview and the Moree community. I am sure that there are a number of community boards of aged care approved providers in regional areas who are considering their options, challenged by the new Aged Care Quality Standards, scrutiny arising from the Royal Commission into Aged Care Quality and Safety and shortages of staff,” Flannigan said.