At the time of realisation Healthcare Homes Group ("HHG") was the largest care home provider in East Anglia and was a specialist care home operator in the elderly and frail residential sector, with a focus on Elderly Mental Infirm ("EMI") patients. Operating in a fragmented market, HHG acted as a consolidator of individual and smaller groups of care homes based in East Anglia. The management team was led by Richard Clough, CEO, Graham Lomer, finance, and David Bates, operations.
August Equity managed funds completed the £37 million MBI of Healthcare Homes Group in 2005 when the group consisted of 4 homes and 100 beds.
August Equity and the management team pursued a buy-and-build strategy and during the period to exit made 8 successful acquisitions which saw the group expand to over 800 beds across 21 homes. August Equity introduced a non-executive chairman, Charles Auld, a well established name in the industry, who was formerly CEO of General Healthcare Group.
The realisation of Healthcare Homes Group was completed in 2008 via a secondary buy-out to Bowmark managed funds for a value of £75 million.