Media Release | 16 July 2019
Leading Australian law firm Hall & Wilcox is pleased to have advised the sellers on the sale of shares in Salmar Investments and its subsidiary Salmar Holdings, trading as Beecroft Nursing Home, in Beecroft, NSW. The 95-bed facility had been owned by the same family since 1965.
The aged care sector is facing significant challenges and Hall & Wilcox is working with providers to navigate these challenges. Over the past 12 months, Hall & Wilcox’s specialist Health & Community team has advised on the sale of a number of residential aged care facilities and aged care places, including Beecroft. The team has also advised aged care providers on directors duties (including on solvency), financial structuring and mergers and acquisitions.
The sudden closure of Earle Haven Retirement village at Nerang, Queensland, on 11 July, leaving residents homeless, sent shockwaves through the industry. With the Royal Commission into Aged Care Quality and Safety, and the introduction of new Aged Care Quality Standards, many approved providers are looking to exit in the short or medium-term.
Health and community industry specialist and partner Alison Choy Flannigan and property partner Maurice Doria advised on all aspects of the Beecroft sale to Thompson Health Care.
Alison said the deal involved working collaboratively with the teams at aged care consultants Pride Living and accountants RSM to complete the sale in a tight timeframe.
‘We achieved a very good outcome for our client, who was interested in both optimising the sale price and also finding a buyer with the right culture who would look after staff and residents going forward,’ Alison said.
‘Our team are industry leaders and has a proven track record in the health and aged care sector and we understand the unique regulatory requirements for health and aged care mergers and acquisitions, providing clients with specialist expertise in corporate and commercial transactions and sector knowledge.’
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