European care group Korian will enter the UK care market with the acquisition of Berkley Care Group, which operates six high-end care homes accommodating 425 beds across the South and Southwest of England and the Midlands.
Paris-based Korian will acquire the real estate for five of the homes and stated it expects the acquisition to deliver around £25 million in revenue this year.
Korian specialises in nursing home care for the elderly and has homes six European countries: France, Germany, Belgium, Italy, Spain and the Netherlands.
Three of the homes, with a total of 201 beds, were exited by independent investment manager Albion Capital.
Seamus Halton, founder of Berkley Care Group said: “The Berkley Care Group has always been committed to offering the very best level of service to its residents and we know that Korian shares the same commitment and values and will be able to continue to develop the Group in line with its potential.”
Sophie Boissard, Korian’s chairman and chief executive added: “We are delighted that the Berkley Care Group will be joining the Korian family. The UK market offers a large potential and Korian is excited about our development in the UK after the successful entry into Spain and the Netherlands in 2019. The Berkley teams have the same keen focus on the wellbeing and care of its residents as we have in Korian and we look forward to developing with them our activities in the UK.”
Emil Gigov, a partner at Albion Capital, commented: “Over the past 25 years we have partnered with entrepreneurs across a wide variety of sectors and helped them achieve rapid growth. The founders we partner with are innovators in their industries and we are proud to have worked with Seamus Halton and Berkley Care in introducing novel services and new pricing models across the elderly care sector. Albion backs long-term growth trends and founders with long-term growth ambitions. Following another successful exit, we continue to pursue our strategy of providing patient capital to fast growing companies in the technology, digital health and specialist pharma sectors.”
Connell Consulting produced the commercial due diligence for Korian’s acquisition of Berkley Care Group. Estate agent Knight Frank is understood to have advised Korian on the transaction, however the company declined to comment.
Date published: February 26, 2021