Elevation Advisors has announced that at the end of November it transferred five specialist healthcare facilities from The Huntercombe Group (THG), a division of Four Seasons Health Care Group (FSHC), to CareTech Holdings.
Elevation manages the portfolio, which comprises a low secure mental health hospital, two other hospitals and two specialist care homes with an aggregate of 125 purpose-built beds located in England.
During the course of last year, Elevation transitioned the portfolio on new 35-year FRI leases with institutional terms and a corporate guarantee from CareTech Holdings.
Founded in 1993, CareTech provides specialist social care and mental health services, supporting adults and children with a wide range of complex needs in more than 550 specialist services around the UK. The company reported net assets of £364 million last September.
Elevation and CareTech have agreed to invest substantial capital across the estate.
Andrea Auteri, partner at Elevation said: “We are pleased to partner with CareTech as the new operator for this portfolio given their exceptional track record for quality of care. We thank CareTech, THG, FSHC, the regulatory stakeholders (including NHS England) and their respective staff for their efforts and partnership during the course of the transitioning, against the backdrop of turbulence and unprecedented uncertainty caused by the coronavirus pandemic.”
Farouq Sheikh, CareTech’s chairman, added: “We are delighted with the acquisition of these high-quality services from The Huntercombe Group, which is in line with our growth strategy and enhances our care pathway into specialist facilities for the treatment of complex learning disabilities, autism and mental health.”
Date published: February 26, 2021