Kleinwort Capital Limited ('KCL') announced today that portfolio company Healthcare Homes Group Limited ('HHG') has acquired PriMed Group, a privately owned care and nursing home group based in Suffolk. The acquisition is the fourth successful acquisition made by HHG since KCL first invested in August 2005.
PriMed comprises eight homes with 280 existing beds, with plans to expand in the near future. This is one of the most significant deals for the industry in East Anglia in recent times and is a major strategic step forward for HHG, which now becomes the largest care home provider in the region. The sale takes the organisation's East Anglian portfolio of properties from six to fourteen and is forecast to double the size of HHG's business.
Philip Rattle, Director at KCL said:
This deal is characteristic of HHG's buy-and-build growth plans, and is bringing to fruition KCL's original investment rationale, which is to build a regionally focused care home group with a high level of elderly and mentally infirm services.
HHG is run by three highly experienced directors who have proven track records in the health care industry, having been responsible for building and running Care UK: Richard Clough, CEO, Graham Lomer, Finance, and David Bates, Operations.
The non-executive Chairman is Charles Auld, a well established name in the industry, who was formerly CEO of General Healthcare Group.
Richard Clough said of the deal:
This is a tremendous achievement for HHG, which has been in existence for less than a year. These care homes are of excellent quality and provide a superb service for residents. Our prime aim is to continue to ensure people receive the very best of care and have a comfortable home to live in.
This is an extremely important acquisition for HHG and moves us further toward our goal of long-term growth. PriMed brings to the table a respected and much needed service to the private community, and one we know will help our company build a strong and sustainable regionally-based healthcare group.