LONDON, 3 November 2014 – NHP has today announced that Formation Capital in partnership with Safanad, a global investment firm, and Court Cavendish, the healthcare turnaround specialist and management team at HC-One, have signed a binding commitment to acquire NHP. The deal is expected to complete in November 2014.
NHP, which comprises 275 properties, including the UK’s third largest care provider HC-One, will be acquired for £477m. This brings total recoveries to creditors to £507m over the last 5 years as NHP has sought to realise value for its lenders through the sales of assets.
Dr Chai Patel, Chairman of Court Cavendish and HC-One, said:
“We are absolutely delighted to have formed this new partnership with two organisations that have such an outstanding track record in care. For our residents, relatives and our staff, this is a fantastic step in ensuring HC-One continues on our journey to provide the kindest possible care.”