Founder-owned Menarock Life Aged Care hunts for strategic partner

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Menarock is about half the size of Eccles family’s $40 million-a-year BlueCross Aged Care, recently sold to Australia’s biggest pure-play residential aged care operator Opal HealthCare.

Already a subscriber?Missed out on BlueCross Aged Care? Here’s your chance to get your hands on another mid-sized residential homes operator.Street Talk can reveal Menarock Life Aged Care’s founders, Andrew Seamer and Craig Holland, are ready to part with a slice of the business they founded in 2006 and have built up to $20 million in annual earnings.

Menarock runs 12 residential care facilities in Victoria, New South Wales and Tasmania with a total of the 739 licensed beds. Amenities include registered nurses, onsite allied health professionals, 24x7 care, chef-prepared meals, and capability for high and sub-acute care. The BlueCross process also showed who’s got their chequebook out to do deals in the sector. Readers will recall Bain Capital, via Estia Health, was one of the bidders. And ASX-listed aged care operator Regis Healthcare took an early look.The sale pitch highlighted Menarock’s EBITDA margins were returning to pre-pandemic levels of more than 20 per cent, with further growth expected from operational initiatives. Occupancy stood at 79.5 per cent at June 30.

 

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