Quadrant Private Equity has bought a majority stake in healthcare distribution business Aidacare, taking a bet on the family-owned outfit’s potential to expand overseas and nationally.
Aidacare has 54 branches and 900 employees around the country, which sell healthcare equipment and assistive technology for use in hospitals, residential aged-care facilities, home and community care and rehabilitation.The size of Quadrant’s investment wasn’t disclosed. However, it cut the cheque out of its buyout fund, Quadrant Private Equity No. 7, which typically takes majority stakes worth $100 million to $200 million.
As a part of the investment, Quadrant managing partner Alex Eady, investment director Mark Chudek and associate director Taseen Rahman would Aidacare’s board.The PE firm reckons Aidacare has a clear runway to growth as the $2 billion-plus healthcare and assistive technology market sees stronger demand from an ageing population as well as from rehabilitation services.
“Aidacare’s focus on providing high-quality customer service and product excellence to its customers and healthcare professionals has resulted in it being a preferred supply partner to many of Australia’s leading aged care providers, hospitals, and government health departments for their healthcare solutions,” Eady said.
“We look forward to partnering with Aidacare’s management and the Garland family to support Aidacare’s growth ambitions, including the continued investment in its people, technology and localTobin provided legal advice. Aidacare leaned on Sydney-based boutique corporate advisory Greenstone Partners, Mont Lawyers and BDO.
Earlier this month, the PE firm tipped into Amazon Web Services and Microsoft cloud specialist providers Cevo, Arinco and D6 Consulting, in a three-headed M
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