Anglicare Sydney to acquire most of Presbyterian Aged Care’s operations and assets under proposed merger.
Christian not-for-profit aged care provider Anglicare Sydney will acquire most of Presbyterian Aged Care NSW & ACT’s operations and assets – pending due diligence – the two providers have announced.
The proposed deal spans PAC aged care facilities, home care services and retirement villages in metropolitan Sydney – including Wollongong – and the New England area of New South Wales. The due diligence will determine which services will be acquired, a spokesperson told Australian Ageing Agenda.
PAC also has services in the Southern Highlands and the Australian Capital Territory while Anglicare Sydney provides services in Sydney, Blue Mountains, Southern Highlands, Illawarra and Shoalhaven.
In a joint statement, Anglicare Sydney CEO Simon Miller said the acquisition was to ensure PAC’s services could continue to be provided to clients.
“The entire aged care sector is facing significant headwinds. Presbyterian Aged Care is not immune and there was a real need to find a way of ensuring the excellent services they have provided for decades were able to continue, to grow and to thrive.”
Mr Miller added that Anglicare Sydney “was in a unique position to have the resources to invest in renewing the Presbyterian Aged Care portfolio over time.”
PAC CEO Olivia Wood said, although the decision to divest was not taken lightly, the merger was a good fit.
“With Anglicare, we have a not-for-profit operator whose Christian culture and values are closely aligned to our own. We share a deep commitment to practical and pastoral care to the elderly, and I feel our ministry will not be lost in this arrangement.”
The two organisations have signed a heads of agreement – a non-binding agreement that outlines the basic terms of a tentative partnership – with due diligence scheduled to take place over the coming months and completed acquisition in the first half of 2023. Both CEOs said the most important work ahead was to ensure a smooth transition for both residents and staff.
“We both wish to ensure that there is a continuation of the excellent care and services for which PAC has become known and there is a recognisable legacy to be preserved,” said Ms Wood. “There is significant alignment in the mission focus of our two faith-based organisations, and we want residents, clients and staff to have confidence in the transition process.”
Mr Miller assured staff there would be a future for them with Anglicare. “We’re keen for PAC’s team to remain with us,” he said. “All operational staff will be offered roles at the same or better conditions, and we will see their entitlements preserved.”
Mr Miller also assured residents and their families that a change in ownership wouldn’t affect the level of care provided. “Anglicare will deliver the same standards of care as you have enjoyed under PAC,” he said.
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