Radius Residential acquires majority stake in Cibus Catering

Radius Residential Care has announced the acquisition of a 51% stake in Cibus Catering for $1.9 million.

The deal, which includes the 24% stake currently held by Valhalla Capital, a company associated with Radius Care's executive chair, Brien Cree, is set to be completed on October 25, 2024.

Cibus provides menu planning and nutrition management services to the aged care sector, as well as full-service kitchen and food management to 25 care homes in New Zealand, including 10 Radius Care sites.

The acquisition is expected to be immediately accretive to earnings in the 2025 financial year.