Private equity investor Synova Capital has announced a £30 million investment in a management buy-out of elderly care provider Oakland Primecare.
The deal is designed to help Oakland create a leading portfolio of private pay, purpose-built, premium care homes.
Harnoop Atkar, CEO of Oakland, said: “Synova’s investment is an exciting milestone in the development of the Group. We wanted a partner that offers much more than just funding; Synova’s supportive approach and deep understanding of our sector really appealed.
“We have an excellent pipeline of sites for future development to build on our existing platform and Synova’s financial and strategic support will enable us to fully capitalise on these opportunities and to accelerate our growth plans.”
Tim Ashlin, a partner of Synova and director of Oakland, added: “Elderly people and their families are often faced with very limited choice and a shortage of high quality providers in their local areas when seeking a care home place.
“This problem is only going to worsen as the UK population continues to age. We are delighted to be partnering with the management team of Oakland to help address this market need and continue to build the leading care provider in the sector.”
Oakland provides residential, dementia and nursing care in south east England.