Hamburg-based fund manager Immac has entered the Irish care homes market with the purchase of Dublin's Beechfield Group and three in-patient care centres.
Financial details were not revealed but the price is believed to be around €33 mln.
'Beechfield is an ideal foundation for Immac's entry into the Irish market and we will fully integrate the group and the management team as a platform for our Irish operations,' said Marcus H. Schiermann, company founder and chairman of Immac. 'I am pleased that the management team led by Sarah McMickan remains on board.'
Immac said that it planned to invest €30-50 mln annually in future in the Irish market, acquiring further nursing home operators and their real estate as well as in new buildings. A key role will be taken by Antaris Healthcare Holding, the sister company of the Immac group, which will be responsible for future operator management.
'Beechfield is entering an exciting new phase of its evolution. We are delighted that the new owners are sharing Beechfield's commitment to put the excellence of care services at the heart of their actions,' said David Andrews, former chairman of Beechfield and managing director of Lioncourt Investments.
