FPACA announces Signature Care acquisition, CEO

Relative newcomer For Purpose Aged Care Australia has announced the acquisition of family-owned residential aged care provider Signature Care. FPACA was established by not-for-profit social impact investment manager For Purpose Investment Partners last when it acquired not-for-profit aged care provider Luson.

This deal will see FPACA increase its initial 1,394 residential aged care places to over 2,500 places within two years across 18 sites in New South Wales, Victoria, Queensland, and Western Australia. The March 2023 acquisition of Luson included its three operational homes with 305 places and a further development site that would yield 136 places.

The activity is part of the organisation’s mission to develop a model of aged care that achieves excellent health and wellbeing outcomes for residents of all socioeconomic backgrounds. The latest acquisition – also scheduled for completion on 1 June 2024 pending approvals – merges the strengths and capabilities of both organisations and reflects a shared commitment to excellence and innovation in aged care, said FPACA in a statement.

Describing the deal as the beginning of a new era, FPACA chair Toby Hall also announced the appointment of experienced aged care executive and director Matthew Filocamo as group chief executive officer.

“The acquisition of Signature Care is a strategic step that aligns with our mission to deliver exceptional care services to Australians from all backgrounds. We have demonstrated new and innovative ways of growing the sector to have a broader social impact that is customer centric.  Mr Hall said.

“Matt and I have worked closely together with For Purpose Investment Partners for almost two years. Matt’s experience and leadership in aged care make him the ideal leader to guide FPACA through this exciting next chapter.”

Mr Filocamo’s previous aged care experience includes executive roles with NSW aged care providers RSL Lifecare, Calvary Health Care and Catholic Healthcare between 2014 and 2022.

He has a master’s in health management and a physiotherapy degree, and is also a graduate of the Australian Institute of Company Directors.

Mr Filocamo said the partnership with Signature Care underscored a shared dedication to enhancing aged care in Australia. “I look forward to driving our collective vision forward, fostering innovation, and making a meaningful impact on the lives of those we serve.”

Signature Care director Amal Witnish called it a good deal for residents and staff alike.

“FPACA and Luson, as not-for-profits, will provide additional incentives to attract and retain staff through salary packaging and other employment benefits and will ensure residents receive quality care by retaining and further advancing Signature Care’s innovation and investment in the sector.”

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