August Equity LLP ("August Equity"), announces that it has completed the sale of Healthcare Homes Group ("HHG"), the leading elderly residential care provider in East Anglia, to Bowmark Capital LLP ("Bowmark").
August Equity managed funds originally invested in HHG in August 2005, when the group consisted of 4 homes and 100 beds. August Equity and the management team pursued a buy-and-build strategy throughout their ownership which saw the group expand to more than 800 beds across 21 homes. In February 2008, August Equity announced that HHG acquired Manorcourt Care Limited, a privately owned care and nursing home group based in Norfolk, providing HHG with an additional 87 registered care beds. The acquisition was the eighth successful acquisition made by HHG since August Equity's investment in the company in 2005.
Commenting on the sale, Philip Rattle, partner at August Equity who leads the healthcare team, said: "We have enjoyed working with Richard Clough and the management team at HHG. The growth of the group has been impressive over the past three years and the team has continued to ensure that the highest standards of care are offered to the residents of the homes."
Richard Clough, chief executive officer of HHG, said: "We are grateful for the support that August Equity has provided in driving the growth of the group. We look forward to working with Bowmark in continuing our buy-and-build strategy and maintaining the development of high standards of care that is synonymous with HHG."
A recent survey commissioned by August Equity highlighted healthcare as the sector most likely to do well in the current market uncertainty. The research, carried out by Mergermarket's research arm, Remark, found that the healthcare sector was perceived by 17% of respondents to be "hot" in the current economic environment, closely followed by energy, mining and utilities.
NM Rothschilds advised August Equity on the sale of HHG to Bowmark.