Essential reading for the healthcare business
 
 
Remember me:
Skip Navigation LinksHealthInvestor article
Patron Capital sells Gracewell Healthcare for £153m

Investment firm Patron Capital has sold portfolio company Gracewell Healthcare for £153 million to Sunrise Senior Living and Health Care REIT.

Health Care REIT (HCN), which owns the properties operated by Sunrise Senior Living either outright or as joint ventures, has acquired the 11 care home facilities run by Gracewell Healthcare. Meanwhile, Sunrise Senior Living has bought the Gracewell Healthcare management company.

Furthermore, Patron Capital will back its partners, and Gracewell’s founders, Tim Street and Daniel Kay on expanding the Gracewell business further with HCN and Sunrise Senior Living.

The agreement includes the rennovation of one community, completing 11 existing developments and the management of the pipeline of future projects, which aims to have five new properties opened per year.

Patron Capital managing director Keith Breslauer (pictured) said: “This transaction demonstrates both our development and operating expertise in creating a leading healthcare company. It is an industry we believe in and are committed to; Patron’s strategy is to invest a further £200 million in this asset class, in the care homes business, the healthcare industry in general, as well as our specialty care business, Badby Park.

HCN chief executive Tom DeRosa added: “This new partnership brings together the development expertise of the Gracewell team, the operating excellence of Sunrise, and the strategic capital of HCN. We are pleased to expand our relationship with our largest operating partner by building on our leading position in the highly attractive Greater London and southern England markets.”

Patron first invested in Gracewell Healthcare in 2010. The care home group consists of 767 units based in southern England aimed at the luxury end of the market.

HCN acquired Sunrise Senior Living’s real estate, a 20% stake in the management company and the majority stake in a number of the group’s joint venture deals in a $4.3 billion deal (£2.5 billion) in 2013.

Earlier this year the REIT increased its stake in the management company to 24%, while its partner, Revera acquired the remaining interest in the management company.


Related articles:

Posted on: 14/08/2014

Latest news stories

17/01/2019
Core Assets Group and Partnerships in Children’s Services are joining forces to create a UK specialist fostering network.
17/01/2019
Waterland Private Equity has acquired Sandcastle Care, a residential childcare provider offering long-term therapeutic care across 18 sites in the Northwest of England.
17/01/2019
Healthcare facilities investor Octopus Healthcare, part of the Octopus Group, has raised a further £133.5 million for its Octopus Healthcare Fund.
16/01/2019
Private equity firm Apposite Capital, has announced that its portfolio company Swanton Care and Community has acquired Courtyard Care.
15/01/2019
Manual, an online platform designed to improve men’s health, has achieved £5 million in venture capital seed funding .


Civica


HealthInvestor blog
The government urgently needs to bring clarity to the future of social care provision

Click here to view the HealthInvestor blog


There has been a policy-driven move towards returning responsibility for healthcare to the individual; while greater independence, choice and control over their care sounds like a positive move, for care providers, this can come with inherent risk. Clare Connell and Ryan Perrott ask, ‘Is the concept of individual choice being pushed too far?’
A recent Freedom of Information request has put local authority care home spending in question. Is it time to call public sector provision to account? HealthInvestor UK investigates
In an innovative move designed to speed up access to treatment, health insurer Bupa is joining forces with independent hospital provider HCA Healthcare UK to launch a network of specialist centres for the diagnosis and treatment of breast cancer
A CMA investigation into the CareTech-Cambian tie-up is expected to delay the deal until at least the new year. The intervention – which is one of many in the sector – also raises further questions over the potential for consolidation in sensitive areas of social care. Jeremy Bowden investigates

Click here to search all feature articles



Specialist care

Andrew Cannon, chief executive of Voyage Care, believes in understanding his workforce. The boss of the UK specialist care provider, which supports more than 3,500 people with learning disabilities, autism, brain injuries and other complex needs, says: "it's about love". HealthInvestor UK gets the lowdown
Read more


Christie + Co

my images



Recruitment and retention

When people are one of your greatest assets, it's essential that you are recruiting and retaining the right ones. Neil Eastwood, author of Saving Social Care, advisor to the Department of Health & Social Care's national recruitment campaign, and founder of Sticky People, shares his sector insight
Read more