Australian Unity acquires myHomecare
The merged business will serve more than 50,000 clients.
Aligning with its business strategy to accelerate the growth of its home care portfolio, aged care provider Australian Unity is purchasing the myHomecare Group.
A national for-profit provider of home care and home support services, MHC has around 20,000 clients – including 12,000 Home Care Package customers and 8,000 Commonwealth Home Support Program customers.
When combined with Australian Unity’s current home health client base, the merged business will serve more than 50,000 customers and employ over 6,000 people.
Group executive – home health, Prue Bowden said that the proposed $285-million buyout enabled Australian Unity to deepen its home care offering, particularly in the area of self-managed services. “Importantly, the acquisition also delivers a step change in workforce capacity – adding more than 1,000 healthcare workers.”
This, said Ms Bowden, enabled Australian Unity to advance into new regions – particularly south-east Queensland.
The amount Australian Unity has agreed to pay for MHC is on a debt- and cash-free basis. An initial sum of $215 million is to be paid on completion of the deal, with the balance of the purchase price to be paid progressively over an 18-month period.
Describing the investment as “a significant opportunity for Australian Unity,” group managing director Rohan Mead said: “This acquisition is another important step in realising the group’s strategies – developing operations that can help address the burgeoning community needs arising from demographic change.”
