Barchester Healthcare has bought 24 brighterkind care homes from private equity group Terra Firma.
The deal, which was revealed by Sky News last week, is reported to involve the acquisition of 1,570 beds and be worth around £160m.
A Barchester spokesperson said: “Barchester Healthcare is delighted to announce the acquisition of 24 brighterkind care homes from Terra Firma. These homes sit outside the main Four Seasons high yield bond group and represent an exciting growth opportunity for Barchester. They will add 1,570 additional beds to the Barchester portfolio which currently has over 200 care homes and private hospitals.”
Dr Pete Calveley, CEO of Barchester Healthcare, (pictured) said: “At Barchester, quality of care for our residents is our guiding objective. We are delighted to have the opportunity to acquire these 24 homes from Terra Firma, and look forward to welcoming staff, residents and relatives to the Barchester family.
The 24 homes were the subject of a legal battle between and Four Seasons creditor H/2 Capital last year. They are expected to transfer to Barchester by early 2020 and are mostly in England with a private pay level believed to be around 60%.
Knight Frank acted as the selling agent on the deal, while Terra Firma was represented by Eversheds.
A Terra Firma spokesperson said: “We are delighted to have agreed the sale of 24 brighterkind homes to Barchester. Barchester is one of the most established owners of care homes in the UK and we are confident there will be a smooth transition to a new long term owners who can provide continuity of services and care.”
brighterkind added: “As reported, we can confirm that Barchester Healthcare will acquire 24 brighterkind care homes from Terra Firma. The operational transition will be completed in the new year and until then the homes will continue to be operated by brighterkind. We will work with Barchester Healthcare to ensure a smooth transition. This announcement will not affect the remaining homes in the brighterkind group, which will continue to operate as normal.”