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HC-One acquires Meridian Healthcare in £100m deal

Care home group Meridian Healthcare has been acquired by HC-One, with backing from Formation Capital, HCP, Safanad and Court Cavendish.

HC-One and its backers paid in excess of £100 million for the business.

Meridian Healthcare operates 30 care homes in the North West and Yorkshire, of which 29 are freehold and one is operated under management for a local authority. It also operates three day care centres.

The care home group is reported to have an annual income of £32.9 million and an expected ebitdar for its homes of £14.5 million for the financial year ending 31 March 2015.

Alan Firth founded Meridian Healthcare in 2000 and the headquarters are based in Hyde, Manchester.

Chai Patel, chairman and acting-chief executive of HC-One (pictured), said: “We are delighted that the owners of Meridian have chosen HC-One to acquire the company. As a high quality regional provider, their care levels match our ambition to operate the kindest homes, with the kindest, most professional staff, to make a real difference to the lives of older people in the UK. We look forward to sharing and learning best practice together, and continuing their great work with our commissioning partners."

Formation Capital president Steve Fishman added: “The Meridian acquisition is a fantastic development for HC-One. As an outstanding regional provider, with an excellent track record, HC-One is an ideal partner to provide financial strength and stability.

“The acquisition represents the next step on our continued development of the estate, and development of the HC-One team to the benefit of residents and broader stakeholders.”

Knight Frank advised Meridian Healthcare on the deal.

Gleacher Shacklock advised Formation Capital.

HC-One is owned by a consortium of investors made up of Formation Capital, Safanad, HCP and Court Cavendish, the turnaround firm that has been managing HC-One since its creation. The consortium acquired HC-One for £477 million in November 2014


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Posted on: 09/02/2015

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