Top firms act on residential aged-care portfolio acquisition

The deal includes five major facilities in New South Wales

Top firms act on residential aged-care portfolio acquisition

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.


Related stories:
Employment law partner joins top firm
ECM partner and special counsel moves firms

Recent articles & video

Thomson Geer partner: Bruce Lehrmann suit teaches a lesson about bringing unmeritorious claims

Australian Ethical picks up Altius Asset Management with KWM's guidance

Griffith Hack welcomes patent attorney, patent associate to Perth team

Independent review calls for more investment in Aboriginal and Torres Strait Islander Legal Services

European Union officially approves landmark AI legislation

UK judge predicts artificial intelligence will transform role of expert witnesses

Most Read Articles

Thomson Geer partner on the biggest impact of the Bruce Lehrmann defamation ruling

Pearce IP's AU litigation head shares the most important lesson she learned from her old job

G+T guides Mitsubishi UFJ Trust and Banking on $2.1bn pickup of Link Group

HWL Ebsworth reveals new leadership and management structure