Regis Aged Care acquires four Rockpool homes in south east Queensland

A national ASX-listed aged care giant will acquire four Rockpool homes in South East Queensland adding 600 beds to its portfolio.

Regis Aged Care will pay $135.5m for 100 per cent of the ordinary shares of the privately owned Rockpool RAC Holdings Pty Ltd.

The deal will add four Rockpool Residential Aged Care homes in Morayfield, Carseldine and Oxley in Greater Brisbane, and Pelican Waters on the Sunshine Coast, bringing the Regis aged care portfolio to 72 homes and about 8200 beds across Australia.

Rockpool chief executive Melissa Argent said the sale was expected to be completed on September 1.

“Despite the challenges our sector has faced over the past few years, Rockpool has continued to construct and operate stunning, state-of-the-art homes,” she said.

“The sale highlights the value of what Rockpool has created over the past seven years.

“Construction will continue at Rockpool Northshore Hamilton and commence shortly at Rockpool Kedron.”

According to company accounts Rockpool reported a loss after income tax benefit of $761,864 in the 12 months to June 30, 2024 and $2,105,608 the year before. However, the company reported revenue of $53,997,285 in FY24 compared to $29,554,908 the previous year.

Ms Argent said key benefits of the acquisition include the addition of Regis premium portfolio of homes in high demand locations, driving growth for shareholders.

“Rockpool and Regis have many common values, including the shared vision to change how aged care is offered in Australia,” she said.

“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.”

Rockpool was founded in 2016 by Bill Summers and Michael Watson.

Regis’ managing director and chief executive Dr Linda Mellors said the acquisition of Rockpool aligned with its strategy to broaden its residential aged care footprint.

“We are excited to announce the acquisition of Rockpool, a highly regarded provider of residential aged care services in Queensland,” she said.

“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.