August 25, 2017 — Safanad announced today that it has increased its investment in HC-One, a leading provider of health and social care in the United Kingdom, enabling the company’s announced acquisition of 122 Bupa care homes, subject to regulatory approval. StepStone Real Estate also provided capital supporting the acquisition. Since 2009, Safanad and its investors, alongside its strategic industry partner Formation Capital, have acquired assets of over $5.2 billion across a broad spectrum of senior care investments in the US and the UK. In 2014, Safanad and Formation led the acquisition of HC-One, together with Court Cavendish, as a platform to further develop its vision of providing the kindest residential and nursing care in the UK.
Commenting on the transaction, Kamal Bahamdan, Founder & Chief Executive Officer of Safanad, said: “As part of our continuous commitment to the sector, Safanad is pleased to invest in the acquisition of the Bupa portfolio and back Chairman Dr. Chai Patel and CEO Justin Hutchins. The company’s commitment to providing the kindest care to residents in a high-quality environment for its talented team of employees is something that we are extremely proud to be associated with and support. HC-One’s leading position in its markets combined with its strong management team will enable the company to continue to be that high-quality provider through its commitment to excellence and care.”
The news follows HC-One’s recently completed significant refinancing, and marks the latest phase of its transformative growth journey. Over the last three years the company has acquired homes from care providers Meridian (30 homes) as well as Helen McArdle Care (20 homes).
With an ethos and passion for providing the kindest care, HC-One and Bupa share core values. HC-One is looking forward to continuing and building on Bupa’s unwavering commitment to caring for vulnerable members of society. HC-One is committed to safely growing services and ensuring that the Residents remain the main focus of its attention. HC-One aims to be the first choice care provider in each of its communities for Residents looking for the very best care and support, and the employer of choice for the best, most professional, and kindest care staff, with sector-leading career progression opportunities.
As HC-One reaches ever more senior citizens across the UK, it will continue to adopt the successful approach to people, culture, and systems that has seen the company succeed since its foundation.
Gleacher Shacklock LLP acted as exclusive financial adviser to HC-One on the transaction, and legal counsel was provided by Skadden, Arps, Slate, Meagher & Flom (UK) LLP and Stephenson Harwood. The debt was arranged by Deutsche Bank and Apollo Global Management LLP.