Swiss giant Partners Group revives stalled $1bn deal for Aidacare

Aidacare makes most of its earnings from the medical and scientific equipment wholesaling industry. Picture: Evan Morgan

A mystery buyer may have emerged from the shadows in the $1bn race for healthcare business Aidacare, throwing what looked like a dead deal back into play.

Swiss private equity firm Partners Group may be stalking the target, say sources.

Partners is familiar in Australia after it weighed a deal to buy Perpetual, and already owns the $1bn Australian childcare business Guardian Early Learning.

Should Partners emerge as a buyer, it would prove to be a major upset for the contest, advised by Greenhill and UBS.

Earlier, it was thought that the final three contenders were Pacific Equity Partners, EQT and Warburg Pincus. But all have walked away from the opportunity in the final stages.

Aidacare is owned by Quadrant Private Equity and is understood to generate about $80m in annual earnings before interest, tax, depreciation and amortisation, and the asking price is about 12 times that number.

Final bids were due on November 27.

Aidacare makes most of its earnings from the medical and scientific equipment wholesaling industry.

It manufactures, supplies and distributes assistive technology healthcare equipment throughout Australia, and offers products in a wide range of categories such as wheelchairs, walking aids, therapy and exercise, pediatrics care, hospital equipment, funeral homes and bathroom and toilet equipment.

In 2025, according to IBISWorld, it generated $424m in sales.

In 2024, net profit was $2.4m, EBITDA was almost $60m and revenue was $386m.

Quadrant owns more than 60 per cent of the business; the founding family of the business, the Garland family, owns the rest.

Aidacare was sold to Quadrant about two years ago.

The business was founded in 1987 and is a registered provider under the National Disability Insurance Scheme, which provides funding to eligible people who have a disability in order to improve their quality of life.