Oakland Care has secured a new five-year financing package to support its growth through the development of new purpose-built, premium care homes.
The group, which is backed by private equity growth investor Synova, operates six luxury care homes with 434 beds in the Southeast of England, with a further three in construction and more land sites in the pipeline.
Oakland Care is continuing its long-standing partnership with HSBC, with further growth facilities provided by funds managed by Elevation, a specialist investment manager in the UK healthcare real estate sector.
Joanne Balmer, chief executive of Oakland Care, said: “We have long enjoyed a successful partnership with HSBC and are pleased that this will continue. Furthermore, our new facilities with Elevation will enable Oakland Care to continue to build and operate state-of-the-art care homes in the Southeast. This refinancing will enable Oakland to continue its journey as a leading care provider known for its exceptional care standards in luxury surroundings.”
Andrea Auteri, managing partner at Elevation added: “Elevation is thrilled to be able to bring to the UK senior living market a compelling debt offering. We have been impressed by Oakland’s success story and are delighted to have the opportunity to partner with Joanne and the rest of Oakland’s experienced management team and shareholders to accelerate the growth of the business.”
Oakland Care was advised on the refinancing by Alantra (debt advisory) and Brodies (legal). The deal was secured working with global investment bank Alantra.
Hoong Wey Woon, partner and head of real estate at Alantra, said: “Oakland Care is a high-quality business which provides great care and consistently achieves high occupancy rates and positive feedback from commissioners and relatives. We’re delighted to have advised the team at Oakland Care and Synova on securing market-leading funding lines with Elevation Advisors and HSBC. Their partnership will enable Oakland to accelerate its growth over the next few years.”
Date published: August 4, 2021