Monday, October 18, 2021

Sale of HC-One announced on deal worth £477 million

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Dr Chai Patel-care industry newsHC-One, which took on 240 care homes when Southern Cross collapsed three years ago, has been sold along with its parent company NHP for £477m.

The businesses have been bought by healthcare-focused private investment company Formation Capital, global investment firm Safanad, healthcare turnaround specialist Court Cavendish and NHP’s management team.

The deal for NHP, which comprises 275 properties, will bring total recoveries to creditors to £507m over the last five years. NHP said it has sought to realise value for its lenders through the sales of assets.

The partnership has been created “with a view to consolidating HC-One’s rise” as it is now seen as a “provider with above average levels of occupancy”.

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.”

Steve Fishman, president and co-chairman of Formation Capital, added: “HC-One has come a long way since Court Cavendish stepped in to rebuild the operations. Dr Chai Patel, his management team and staff have worked exceptionally hard to bring a new focus in the organisation around care for residents.

“The transaction brings an end to the uncertainty HC-One has faced, enables significant new investment and consequently allows the HC-One team to better serve residents and their families.”

The new partnership now plans to acquire further homes and “diversify the care provided” to include retirement villages, residential, nursing and home care.

The deal is expected to be completed November 2014.

HC-One became the operator of the NHP portfolio of homes after they were transferred from Southern Cross.

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