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Article: Macquarie Bank may buy into senior care
- Article from:
- The Press
- Article date:
- December 8, 2007
CopyrightCopyright 2007 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Ironbridge Capital has put aged care business Qualcare on the
block and is understood to be in exclusive sales talks with
Macquarie Bank. Ironbridge established Qualcare through the
simultaneous acquisitions of several retirement village operations,
including the Elrond Group, just two years ago. Macquarie, in
partnership with property company FKP, controls listed retirement
village operator Metlifecare. Qualcare's earnings this year came in
about $12 million and are forecast to rise to $15m next year. The
group has 976 rest-home and hospital beds and 462 independent living
villas and apartments. Ironbridge invested $A36m ($NZ40.68m) for 60
per cent of Qualcare. Chief executive Greg ...