Darlington-based Health and social care provider HC-One has today announced an agreement to acquire 122 Bupa care homes.
The news follows HC-One’s recently completed refinancing, and marks the latest phase of its growth. Formed after the Southern Cross collapse in 2011, HC-One was acquired in November 2014 in a deal that has already delivered over £100m of investment in the HC-One business.
Over the last three years the company has acquired homes from other care providers, including 30 homes from Meridian and 20 from Helen McArdle Care.
This latest agreement represents a major investment into the publicly funded social care sector. The equity was provided by StepStone Real Estate and Safanad, and the debt funding was arranged by Deutsche Bank and Apollo Global Management LLP.
Gleacher Shacklock LLP acted as exclusive financial adviser to HC-One on the transaction, and legal counsel was provided by Stephenson Harwood and Skadden, Arps, Slate, Meagher & Flom (UK) LLP.
HC-One Chairman, Dr Chai Patel CBE FRCP, said today: “Today’s news represents a true highlight of my 30 year career which started as a Junior Doctor on NHS wards in Southampton.
“HC-One seeks to provide the very best and kindest care across our homes. We are building an organisation that Residents and families can rely on, one which can withstand future uncertainties. Today’s announcement builds on our sector leading investment programme in which we have spent huge amounts of time and resource on our learning and development programmes, IT systems, and homes. We also have taken huge steps to ensure we operate with tried and tested processes that put Residents first and which will support our continued growth.
“The investment we have made gives us the confidence to reach out to serve even more local communities across Britain. We will be larger going forward but we will ensure that every single person we care for experiences the same culture and focus on kindness that have characterised HC-One since our first day of operation.
“The acquisition is the latest step in the expansion of our provision of the very best and kindest care. The homes we have acquired from Bupa are dispersed across the UK, and demonstrate HC-One’s ongoing strategy to focus on strong regional growth. HC-One’s growth is financially sustainable - our debt levels are both prudent and manageable - and our ever strengthening and stable financial position means Residents will continue to receive the kindest high-quality care through a range of specialist services and equally that we will continue to invest in our staff.
“I am truly delighted and honoured to announce this acquisition, the latest step in our journey from turnaround to transformation.”