Buy Them Up.
Sell Them On.
Investors are buying small care businesses, joining them into bigger groups and selling the groups on. The money they earn comes from public funding for disability, aged care, childcare and health.
Some of that investment money is ours too, through the Future Fund.
Businesses added to Independent Living Specialists since Riverside invested in April 2020.[1]
Country Care Group’s planned growth in stores, announced when Next Capital bought 51 per cent.[2]
Loan to Aidacare to refinance debt and pay a dividend to its owner, Quadrant.[3]
The Future Fund’s holding with Quadrant Private Equity at 30 June 2026.[4]
How a Roll-up Works
Buying lots of small businesses and joining them into one big group is called a roll-up.
An old trading name can stay on the door after the business changes hands, so you might not know who owns the service you use.
One Group, Six Buys
Riverside invested in Independent Living Specialists, an equipment supplier, in April 2020. Then the buying started.[1]
- 2020Riverside invests in Independent Living Specialists. Think Mobility is added.
- 2021Complete Mobility, Geelong Wheelchairs and Special Needs Solutions.
- 2022Leef Independent Living Solutions.
- 2024Professional Assistance for Living.[1]
Wheelchairs, hoists, beds and home equipment for disabled people and older people are mostly paid for by the NDIS, aged care programs and state equipment schemes.
Who Bought What
Disability equipment, aged care, cancer care, GPs and employment services.
| Business | What it does | What happened |
|---|---|---|
| Aidacare | Disability and aged care equipment | Quadrant bought a majority stake, completed 9 December 2022.[5] |
| Country Care Group | Disability and rehabilitation equipment stores | Next Capital bought 51 per cent, announced 20 December 2022.[2] |
| Estia Health | Aged care homes | Bain bought it in December 2023 and agreed to sell it to Stonepeak on 26 May 2026.[6] |
| Signature Care | Aged care homes | For Purpose Investment Partners’ purchase completed August 2024, with a $260 million bank debt facility.[7] |
| APM | Employment, rehabilitation and disability services | Madison Dearborn Partners took it private in October 2024.[8] |
| Icon Group | Cancer care | EQT Infrastructure V agreed to buy it in November 2021.[9] |
| Family Doctor | GP clinics | KKR lent it $186 million in March 2025. That’s a loan, not a purchase.[10] |
Borrow Against the Care, Pay the Owners
In February 2026, Bloomberg reported that Bain Capital Credit and UBS were lending about A$540 million to Aidacare. The money would “fund a dividend payout to the company’s private equity owner Quadrant Private Equity Pty and refinance debt.”[3]
This is called a dividend recapitalisation. The owners get cash now. The business keeps the loan and pays the interest out of its future income.
When that income comes from the NDIS and aged care, the interest is paid from the same money that pays for wages and equipment.
Same Group, Different Names
In February 2021, the NDIA named the businesses on its panel to run independent assessments. APM and Konekt were both on it. They were in the same group.[11]
The compulsory assessments were dropped in July 2021 after disabled people fought them. The panel still shows how one group can look like two competitors.[11]
NDIS plan management and booking platforms have buyers too. nib Thrive bought the NDIS marketplace platform Kynd. McMillan Shakespeare’s Plan Partners bought My Plan Support in May 2025. McMillan Shakespeare’s chief executive, Rob De Luca, used to run the NDIA.[12]
It doesn’t stop at care. In 2022 the Future Fund, ROC Partners and private investors put $255 million into a Quadrant vehicle buying MotorOne from another Quadrant fund, with plans for up to 40 smash-repair shops.[13]
Case Study: Veterans’ Care and Childcare
Coming soon
How a veterans’ health business funded by DVA connects to a childcare roll-up, the people behind both, and where the money comes from.
What We Want Released
If public money pays for it, we should know who owns it.
- The legal name and ultimate owner of every provider and supplier at the date of each government contract or panel.
- Every change of ownership after the contract starts.
- How much of each provider’s income goes on interest, management fees, related-company payments and dividends.
- Where the Future Fund’s money with each private equity and credit manager has gone, company by company, in care.
- A public register of who owns disability, aged care, childcare and veterans’ services, by service name.
- Who will be held accountable, and what will be done to make sure this never happens again.
Sources
- Riverside, Independent Living Specialists portfolio page, checked 6 October 2026. Investment in April 2020 and add-on businesses by year. https://www.riversidecompany.com/investment-portfolio/independent-living-specialists/
- Next Capital, Next Capital buys into rehabilitation retailer Country Care Group, 20 December 2022. 51 per cent stake; 18 sites; plan to reach 75 stores in three to five years. https://nextcapital.com.au/next-capital-buys-into-rehabilitation-retailer-country-care-group/
- Bloomberg, republished by Swissinfo, Bain, UBS lend $382 million to Quadrant’s Aidacare in Australia, 18 February 2026. A$540 million; six-year loan. https://www.swissinfo.ch/eng/bain%2C-ubs-lend-%24382-million-to-quadrants-aidacare-in-australia/90961459
- Future Fund, Periodic Investment Report, 30 June 2026, Table 1. https://content.futurefund.gov.au/Periodic+Investment+Report+30+Jun+2026+-+Future+Fund+(A1435346).csv
- Mergers Alliance, Aidacare transaction record, 9 December 2022. https://www.mergers-alliance.com/madds/aidacare/
- Bain Capital, Bain Capital to exit Estia Health, 26 May 2026. https://www.baincapital.com/news/bain-capital-exit-estia-health
- For Purpose Investment Partners, Signature Care case study. https://www.fpinvest.com.au/investment-case-studies/signature-care
- Latham & Watkins, Latham advises on financing for Madison Dearborn Partners’ acquisition of APM, October 2024. https://www.lw.com/en/news/2024/10/latham-advises-on-financing-for-madison-dearborn-partners-acquisition-of-apm-human-services-intl
- EQT, EQT Infrastructure to acquire Icon Group, 19 November 2021. https://eqtgroup.com/news/eqt-infrastructure-to-acquire-icon-group-australias-largest-integrated-cancer-care-provider-2021-11-19
- KKR, KKR provides bespoke financing solution to Australian GP group Family Doctor, Business Wire, 2 March 2025. https://www.businesswire.com/news/home/20250302805504/en/KKR-Provides-Bespoke-Financing-Solution-to-Australian-GP-Group-Family-Doctor
- NDIA, Independent assessment panel announced, 26 February 2021; Joint Standing Committee on the NDIS, Independent assessments, chapter 2. https://www.ndis.gov.au/news/6118-independent-assessment-panel-announced https://www.aph.gov.au/Parliamentary_Business/Committees/Joint/National_Disability_Insurance_Scheme/IndependentAssessments/Report/Chapter_2_-_Background_to_independent_assessments
- nib, nib Thrive acquisition, July 2023; McMillan Shakespeare, Plan Partners acquisition of My Plan Support, 30 May 2025; Rob De Luca biography. https://www.nib.com.au/media/2023/07/nib-thrive-buys-digital-ndis-marketplace-platform-kynd https://mmsg.com.au/news/plan-partners-expands-regional-support-with-acquisition-of-my-plan-support https://mmsg.com.au/our-company/executive-team/ceo
- Quadrant, Future Fund, ROC Partners back Quadrant’s new buyout fund (Australian Financial Review), 1 November 2022. https://www.quadrantpe.com.au/news-insights/afr-future-fund-roc-partners-back-quadrants-new-buyout-fund