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Regis Healthcare (ASX: REG) is set to acquire four premium aged care homes in Southeast Queensland by purchasing 100 per cent of shares in Rockpool RAC Holdings, adding an extra 600 beds to its national network.
The acquisition from Rockpool Residential Aged Care includes one home at Pelican Waters on the Sunshine Coast and three in Brisbane at Morayfield, Carseldine and Oxley, with the latter in ramp-up mode at 53 per cent capacity after opening in March this year.
Regis has clarified that Rockpool's planned projects at Northshore Hamilton and Kedron are not included in the transaction.
As part of the transaction Regis is expected to assume a Refundable Accommodation Deposit (RAD) liability of approximately $204 million, but ramping up at Oxley is expected to boost future net RAD inflows by around $40 million.
"We are excited to announce the acquisition of Rockpool, a highly regarded provider of residential aged care services in Queensland," says Regis’ managing director and CEO Dr Linda Mellors.
"This acquisition aligns with our strategy to broaden our residential aged care footprint through the acquisition of premium homes.
"I commend the founders for establishing such a high-quality business. We look forward to welcoming Rockpool’s residents, families, staff and communities to Regis and we are committed to ensuring a smooth and supportive transition."
Rockpool Aged Care was founded by Bill Summers and Michael Watson in 2016, with its first aged care home opening in Morayfield in 2019, followed by Carseldine in 2022, Pelican Waters in 2023, and Oxley most recently.
All of the legacy homes have high occupancy rates with Pelican Waters sitting at 100 per cent, Carseldine at 99 per cent and Morayfield at 97 per cent.
"Rockpool and Regis have many common values, including the shared vision to change how aged care is offered in Australia," says Rockpool CEO and director Melissa Argent.
"We are incredibly proud of what we have created, and I am confident Regis will continue to provide ongoing high levels of care and support for our team members, residents and their families."
Following the transaction, due for completion in September, Regis' aged care portfolio will increase to 72 homes that are 100 per cent freehold, with approximately 8,200 beds across the network.
Once Oxley has ramped up, Regis forecasts pro-forma annualised EBITDA of $13-14 million, and believes reported EBITDA for FY26 will be around $7-8 million.
Regis shares were up 2.8 per cent at $7.71 at the close of trading today.
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