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Bupa acquires Richmond Care Villages

Bupa has increased its reach in the retirement care village sector by acquiring Richmond Care Villages, a sister company of Barchester Healthcare.

Richmond owns and operates five care villages across England which are home to more than 660 people. Each offers independent-living apartments and assisted-living support and care onsite.

Under the deal, all 600 existing Richmond staff will move to Bupa. The deal also includes three sites for developing new care villages – in Oxfordshire, Worcestershire and Derbyshire – which have already secured planning permission.

Managing director of Bupa Care Services, Andrew Cannon, said: “This acquisition underlines Bupa’s strategy to offer older people a wider choice and expand the range of services that we provide beyond care homes and further into the community. Richmond is an excellent company, with great people, and good locations, that will help us to meet these ambitions.”

Tim Edghill, head of M&A at Jones Lang LaSalle Corporate Finance, which advised Richmond on the deal, said: “This transaction represents a successful outcome for both our client and Bupa. It demonstrates the depth of interest in the Retirement Village sector which will continue to grow as lifestyle and choice become an increasingly important factor alongside care support in old age.”

Bupa Care Services is the UK’s second biggest care home provider. It manages a number of independent-living and assisted-living properties in the UK through its Goldsborough Estates business, as well as owning and operating 22 care villages in New Zealand.

Bupa was advised during the transaction by Addleshaw Goddard LLP, EY, and Colliers International Healthcare. Jones Lang LaSalle Corporate Finance led the transaction for Richmond, acting as corporate, financial and real estate advisers. The vendor was also advised by Berwin Leighton Paisner and KPMG.

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Posted on: 19/08/2013

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