HC-One, a healthcare platform backed by investors including US asset manager Formation Capital and healthcare REIT HCP, has acquired care provider Meridian's portfolio of 30 care homes in the UK for over £100 mln (€135 mln).
HC-One, a healthcare platform backed by investors including US asset manager Formation Capital and healthcare REIT HCP, has acquired care provider Meridian's portfolio of 30 care homes in the UK for over £100 mln (€135 mln).
Meridian, with an annual income of £32.9 mln in 2014, owns a portfolio of 30 healthcare assets providing 1,500 beds in Manchester, Merseyside, West Yorkshire, North Lincolnshire, Cheshire and Derbyshire.
HC-One is the third largest care home provider for senior citizens in the UK.
The acquisition follows the takeover of HC-One in November 2014 by Formation Capital, Swiss asset manager Safanad and UK healthcare specialist Court Cavendish in a £477 mln deal financed by HCP.
It was funded through additional investment from Formation Capital, Safanad and Court Cavendish and additional financing from HCP.
'The acquisition represents the next step on our continued development of the estate,' Steve Fishman, president and Co-Chairman of Formation Capital, said in a statement. The acquisition forms part of the group's plans to acquire further homes and diversify the care provided to include retirement villages, residential, nursing and home care, the company added.
Kamal Bahamdan, founder and Chief Executive Officer of Safanad, said: 'We are pleased to continue to expand our successful US partnership with Formation Capital and we are delighted that Meridian will form part of our healthcare platform in the UK.'
