Australian fund manager AMP Capital, which entered the UK specialist care market a year ago, has made a further investment with the acquisition of an adult care provider.
AMP Capital said it has bought Care Management Group (CMG) on behalf of investors in its global infrastructure equity strategy for an undisclosed sum.
CMG provides residential and supported living services for adults with learning difficulties and mental health conditions, with 189 services across England and Wales.
In December last year AMP Capital entered the UK specialist care market with the acquisition of The Regard Group.
Ruben Bhagobati, a partner at AMP Capital, said: “Our investment in CMG is consistent with our strategy of investing in essential services and complementary with our prior investment in Regard, particularly the emphasis on high quality care provision and a culture of supporting service users.
“We will continue to target opportunities for growth, including the development of new services where they are needed by individuals and communities, and offering staff an increased range of career development pathways.”
Dr Chai Patel, chairman of CMG’s former owners Court Cavendish, said: “I am delighted that AMP Capital have acquired Care Management Group. They share our deep commitment to service users and the value in developing and investing in our staff.”
In January 2017, AMP Capital raised $2.4bn (€2.11bn) for its global infrastructure platform at final close.
