The UK’s largest care home provider HC-One has been put up for sale for £1bn, the FT has reported.
The newspaper highlighted AMP Capital, Antin, private equity investor, KKR, as well as US real estate investment trusts and Asian insurers, as prospective buyers.
Knight Frank head of healthcare and hotels Julian Evans confirmed the news when contacted when CHP. Julian said buyers could use HC-One as a means to means to build their presence in the elderly care market in the UK and Europe. He also highlighted the potential of a purchase and leaseback arrangement.
HC-One’s current owners include a consortium featuring Formation Capital, Safanad, US real estate investment trust HCP, Stepstone and founder Chai Patel’s management company, Court Cavendish.
The FT said Mr Patel was understood to be interested in raising his stake in the company, adding Stepstone could also increase its holding.
Corporate finance business Gleacher Shacklock is understood to have been appointed to handle the sale.
An HC-One spokesperson said: “HC-One never comments on market speculation. Our only focus is providing all our residents with the care they expect and deserve, day in day out.”
The development follows news earlier this year that private equity group Bridgepoint was seeking a buyer for Care UK (see Private equity firm seeking Care UK buyer).