Livingbridge sells Better Medical to Medibank

Livingbridge is pleased to announce that it has reached an agreement to sell its stake in Better Medical, one of Australia’s largest owner-operator networks of general practice clinics, to Medibank. The transaction is subject to ACCC approval and other customary conditions and is expected to complete by March 2026.

Better Medical, headquartered in Australia, supports an extensive network of general practice clinics and medical centres across the country. Approximately 800 general practitioners, nurses and allied health clinicians deliver high-quality care from Better Medical’s network of 61 sites nationally.

Better Medical is focused on providing proactive care management and fostering deep, long-term relationships between doctors and their patients. Since Livingbridge’s investment, Better Medical has achieved significant growth (including the successful acquisition and integration of SmartClinics as well as a number of other clinics), enhanced its clinic operations and deepened its support services for general practitioners and staff. Livingbridge was proud to support Better Medical to successfully navigate through the COVID-19 pandemic, which was one of the most complex challenges the sector has faced in decades.

Craig Alchin, CEO of Better Medical, added: “Livingbridge’s support has been fundamental in building a strong, values-driven organisation. We are entering the next phase of our journey with Medibank, and we look forward to collaborating on further investments in infrastructure, professional development and digital innovation — all the while preserving the autonomy and voice of our clinicians.”

William Bajraszewski, Investment Director at Livingbridge, commented: “We are extremely proud of what Better Medical has achieved during the period of our ownership. The team has built a truly exceptional organisation that supports doctors and staff to deliver outstanding patient care across Australia.”

The transaction underscores Livingbridge’s strong track record of supporting high-growth businesses and creating value through strategic investment and operational expertise.

Better Medical was supported on the transaction by Lazard Australia (financial adviser), Gilbert + Tobin (legal adviser), EY (financial due diligence) and KPMG (tax due diligence).