The sale is said to be the largest M&A transaction in Australia's aged care sector
Corrs Chambers Westgarth has confirmed its role in the sale of residential aged care business Allity to Brisbane-based not-for-profit aged care operator Bolton Clarke – a transaction the firm described as the largest M&A transaction in Australia’s aged care sector.
As a result of the deal, Bolton Clarke will become the second largest aged care provider in the country after Opal HealthCare. The acquisition involved a share sale and purchase agreement.
While the financial details of the transaction remain confidential, Bolton Clarke reportedly paid around $700m to secure Allity, the previous owners of which include Archer Capital and a number of minority shareholders. In the process, Bolton Clarke will take over Allity’s network of 43 aged care homes, including 3,800 beds.
This adds to Bolton Clarke’s existing portfolio of 27 aged care homes located across NSW, Victoria, Queensland, and South Australia.
CEO Stephen Muggleton described the transaction as “a rare and exciting opportunity to bring two strong companies together to set a foundation for growth, innovation and seamless integrated care.”
Corrs advised Bolton Clarke on numerous aspects of the transaction, bringing in the combined expertise of the firm’s corporate, property and projects, privacy, data and intellectual, competition, tax, employment and labour, banking and finance, and environment and planning teams. Corporate partner Jonathan Farrer led the cross-practice team.
He received support from partners David Ellenby, Jodi Gray, Rhys Jewell, Paul Burns and Jennee Chan. The team worked alongside Boston Clarke general counsel and corporate secretary Susan Stewart, who credited Corrs with a major role in the successful completion of the acquisition.
“We are delighted to once again have worked with Bolton Clarke on this market-leading transaction which truly cements their position in the sector,” Farrer said. “Our ability to draw on a diverse cross-practice team was crucial to reaching such a successful outcome in this complex matter.”
