Six care homes change hands
Lincolnshire-based Tanglewood Care Homes has sold six of its properties to Elevation Healthcare Properties (EHP) for an undisclosed sum.
Browne Jacobson’s Nottingham and Cooper Parry’s corporate finance teams advised the shareholders of EHP on the deal.
Tanglewood co-founder and director Tracy Ann Shelbourn will leave the company following a period of transition.
The Boston-headquartered company operates the six care homes across Lincolnshire, employing over 550 people and providing residential, nursing and respite care for around 400 older people and younger adults.
Shelbourn said: “Tanglewood is first and foremost a family and I’m so incredibly proud of what we have achieved together over the last three decades. So many different people from all corners of our community have been pivotal to our many successes. I have been truly inspired by our incredible team members – past and present – across the group; their dedication to our residents knows no bounds. Most of all, I am grateful to all the Lincolnshire families who have been part of our journey over the past 30 years and have helped make Tanglewood communities the happy places they are.”
Hunter Drew, partner at Elevation, added: “We are delighted to add Tanglewood to EHP’s growing number of operator relationships. Tanglewood is a leading regional operator with an excellent track record of care and wellbeing for its residents. The acquisition will ensure continuity for Tanglewood’s staff and residents and will provide the business with capital for further growth. This transaction is a further example of how Elevation can bring flexible capital solutions to support the growth of its operating partners.”
Legal advice to the shareholders was provided by partner Richard Cox and associate Sam Sharp from Browne Jacobson’s corporate team. The Cooper Parry Corporate Finance team was led by Ben Rookes and Niall Chantrill.
