Court Cavendish, which has been managing HC-One care homes, has joined up with two investment companies, in a deal to acquire its parent company NHP for £477m.
HC-One was formed in 2011, when it took over a third of Southern Cross’s homes after the company collapsed under £50m of debt.
Formation Capital in partnership with Safanad, a global investment firm, and Court Cavendish, the management team at HC-One, have signed a binding commitment and the deal is expected to complete this month.
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, commented on the deal, saying: “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.”