Premium senior care and nursing home developer and operator Signature Senior Lifestyle has been acquired by Canadian based operator and investor Revera Inc.
The two parties have enjoyed a close working relationship since 2015, with Revera partially funding an MBO by the then management team.
Aidan Roche CEO said: “We have an excellent historic working relationship with Revera so moving forward with them as an owner and investor by our side is nothing but positive. Signature benefits from having a knowledgeable, financially strong partner, while Revera now has access to a UK platform, with an established brand and reputation, from which to expand.”
Thomas Wellner, President and CEO of Revera Inc, added: “This announcement gives us an opportunity to increase our presence in the UK, which is experiencing accelerated growth in the senior living market, with the over 85 age group projected to almost double by 2036.
“This acquisition reflects our commitment to this sector not only in Canada, but in key growth markets. The United Kingdom, with our shared history and values, offers strategic alignment as well as strong growth potential.”
Signature develops and operates bespoke luxury care-homes and presently operates 10 open homes with a further three under construction and a pipeline of other projects, all in and around London and the Home Counties area. Revera owns or operates in excess of 500 senior living sites in Canada, the US and the UK.
The acquisition has led to a number of role changes, with Tom Newell now becoming the Chair of the Executive Board in the UK, Aidan Roche will become CEO, Tom Ball will become Chief Financial Officer, while Wayne Pryce continues to lead overall Development and Construction.
Knight Frank Head of Healthcare Julian Evans told CHP last month that investor interest in the UK care home market was at an all-time high (see EXCLUSIVE: Investor interest in the UK care home market at historic high, says Knight Frank).