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Private equity-backed Prestige Inhome Care has ramped up the pace of acquisitions with a deal that brings established home-care provider Omni-Care into the fold and expands the group’s Victorian footprint.
The acquisition comes on the heels of the Melbourne-based group adding Vision Australia’s home care division and Mayflower’s community-based aged care operations to its portfolio over the last two months.
The move boosts Prestige Inhome Care’s network to more than 200 support office staff and 1,200 carers servicing more than 3,000 clients along Australia's eastern seaboard.
Prestige Inhome Care is backed by Sydney-based asset manager Yorkway Private, which acquired a significant stake in the group last year.
The trio of acquisitions is aimed at capitalising on changes to in-home aged care support introduced by the federal government and designed to encourage at-home independent living for older Australians.
Mark O’Brien, who was appointed CEO of Prestige Inhome Care last month, says the acquisitions bring on board “value-driven organisations with a shared commitment to delivering safe, compassionate and client-first care”.
“Prestige is one of the pioneering organisations that has firmly placed its commitment to ensuring more of Australia’s elderly population live in their homes,” says O’Brien.
“We are welcoming new clients, new team members and new opportunities, all while the sector undergoes some of the most significant macro-level change in decades.
“Reform is driving higher expectations around quality, safety, compliance and transparency, and we welcome that.
“It is good for clients, good for families and good for the future of in-home care.”
Founded in 2005 by registered nurse Nick McDonald, Prestige Inhome Care’s mission is to provide care and practical support for elderly Australians to remain in their own home.
McDonald stepped down as CEO last month and is a non-executive director of the board, although he is understood to retain a significant stake in the business following Yorkway Private's investment.
The company, which has operations in Victoria, NSW and Queensland, says it pioneered 24-hour private care in Australia and over the past two decades has evolved from a family business to a major organisation with an appetite for growth.
Prestige Inhome Care aims to capitalise on growing demand in the aged care sector that is being driven by an ageing population and a trend towards ageing at home that requires “personalised, flexible and culturally diverse care models”.
“We have set ambitious growth targets as part of our strategic plan with our clients at the centre of our expanding scale,” says O’Brien.
“We will be introducing technology and other new services that will enhance the experience of families under our care.”
Omni-Care was founded in 1999 to assist the elderly, disabled and those with chronic medical conditions, particularly in Melbourne’s north.
Prestige says the business, which continues to be led by general manager Wendy Barnett, will also retain its team, locations and brand under the ownership structure.
Prestige added Vision Australia’s home care division in October, building on a long-term relationship between the companies, while aged care group Mayflower transitioned its community-based home care services to Prestige in November.
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