Russell Kennedy Lawyers has acted for Clarinda Manor Pty Ltd and Steller Care Clarinda Pty Ltd (Clarinda Manor) in relation to the sale of its business and land to Anglican Aged Care Services Group (trading as Benetas).
Clarinda Manor has offered residential aged care services to the community since 1996 through a 90 bed aged care facility in the Melbourne south east suburb of Clarinda.
Benetas has been providing aged care services in Victoria for 70 years. Benetas was established in 1948 by a small group of volunteers from the Anglican Diocese of Melbourne.
The Russell Kennedy team was led by Principal Rory Maguire, from the firm’s Corporate Advisory / M&A team, with assistance from Solomon Miller, Principal (Corporate Advisory / M&A), Jaqueline Wilson, Associate (Corporate Advisory / M&A); Rosemary Southgate, Principal (Property), Krystal Pellow, Senior Associate (Property) and Melanie Young, Associate (Property).
Russell Kennedy advised Clarinda Manor on all legal aspects of the transaction, including the business and land sales and Ernst & Young acted as financial advisors to Clarinda Manor.
Russell Kennedy Principal and transaction lead, Rory Maguire, commented on the success, saying:
“We were delighted to assist Clarinda Manor with the successful sale of this long-standing contributor to the Australian residential aged care industry. We look forward to seeing the business continue to provide outstanding care to its residents and the local community under the stewardship of Benetas.”
Benetas CEO Sandra Hills OAM, said:
"It was really important for the organisation to continue to look at ways of providing the services we are proud of, sustainably into the future. Clarinda Manor is aligned with our values and strategic direction and we are thrilled to be able to continue the service for the local community for years to come.”
“Our team is experienced in managing mergers and acquisitions but we cannot expect a smooth transition without the consistency of those on site at the home, I would like to sincerely thank the staff, the residents and their loved ones for welcoming us into their community. We know that those providing care on the ground is the heart of everything that we do, and without exception, the team at Clarinda Manor has been instrumental in enabling this process to be as smooth as possible.”
Ernst & Young Real Estate Advisory Services Partner Marcus Willison, said:
" We are pleased to have successfully managed the sale of the Clarinda Manor aged care facility to Benetas. The sale process was extremely competitive, with a number of unsuccessful bidders reflecting the underlying demand for quality aged care facilities"
For assistance regarding mergers and acquisitions, please contact Rory Maguire or a member of our Corporate & Commercial Advisory team.
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