Premium care home provider, Oakland Care, has secured a five-year financing package to support its growth plans.
The deal will see Oakland Care 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.
Oakland Care, which is backed by leading private equity growth investor, Synova, currently operates six luxury care homes with 434 beds in the South East of England, with a further three in construction and more land sites in the pipeline.
Joanne Balmer, Chief Executive Officer of Oakland Care, said: “We are delighted to have secured financing for the continued growth of Oakland Care. 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 South East. 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, said: “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 were advised on the refinancing by Alantra (debt advisory) and Brodies (legal).
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.”