Medical & Aged Care Group Announce the Sale of Their Medical Practices

Family owned health and aged care operator Medical & Aged Care Group have announced the sale of their 16 Medical practices located in Victoria where over 115 general practitioners are employed.

The two founding doctor partners were close to retirement with no succession plan in place, therefore, a decision was made to move forward without the Medical Practices. A private medical group based in Melbourne has been engaged to purchase the entire network through a share sale agreement.

The board has taken the decision to consolidate resources and capital in the company to fund their aged care group's next phase of acquisitions across Melbourne and Victoria.

Cameron McPherson, Chief Executive Officer of MACG, said,” The medical group was founded by my father and I'm very proud of him for that. However, it is now time to focus the overall business and its capital and resources on what we can truly be the best at, that is residential aged care. The sale was not born out of financial necessity, all cash proceeds from the sale will be used to fund future growth through acquisition in the residential aged care space. We are well-positioned to continue to grow the business, with future investments in health care and residential aged care. The brand name awareness and equity in the brand are both very strong nationally, therefore, the name ‘Medical & Aged Care Group’ will remain long into the future”.

Find out more about Medical & Aged Care Group.