£100m deal agreed for acquisition of care home business
A £100m deal has been agreed for a business which manages care homes across the South West.
Foundation Partners and Deer Capital have agreed a for the acquisition of Hartford Care.
The transaction also includes significant additional capital to support Hartford Care’s expansion strategy, which will see it double in size by 2026 with the strategic acquisition of new care homes, and the expansion of its existing portfolio of 21 homes.
Established in 2003 Hartford Care operates across the South West and provides nursing, residential, dementia, day care, respite breaks and end of life care across its care homes to 1,000 residents.
Its existing growth plan has already taken the company from 600 to 1,000 beds in the past two years.
Kevin Shaw, chief executive of Hartford Care, said: “Fundamental to our growth strategy is the exceptional high quality of care we offer and the ways in which we enhance the lives of our existing residents.
“We thank our outgoing shareholders for their commitment to our values and unwavering support. As well as enabling the continued growth of Hartford Care, our exciting new partnership with Foundation Partners and Deer Capital is strongly aligned with our ethos of investing in innovation and creating a ‘home from home’ setting; we can move forward in growing the Hartford Care brand to create new caring communities that are kind and welcoming of everyone.”
Ben Puddle of Foundation Partners added: “We are delighted with this initial transaction as part of our exciting joint venture with Deer Capital as we share the same values and beliefs as Kevin and his team. We support their ambitious growth plan and expect the business to continue to flourish under his exceptional leadership.
“Foundation Partners have a proven track record of establishing value through the repositioning, redevelopment, and asset management of real estate assets and operational improvements in their respective corporate entities. We look forward to working with the whole team at Hartford Care in delivering on their unrivalled promise.”
Mark Sonnenschein of Deer Capital, said: “We have been actively looking for a UK Care Home Operator for the last few years as we begin our ambitious expansion into the UK and Europe and are delighted to have supported Foundation Partners and Kevin in the acquisition of Hartford Care. Kevin and the Management team have a wonderful track record and we are looking forward to working with them over the coming years.”
Hartford Care’s current care homes are in Bristol, Burnham, Sidmouth, Downton and Swindon.
