Lovett Care Completes Acquisition of New Care to Lead UK Senior Care Sector
Deal News | Oct 31, 2024 | PR Newswire Cision H.I.G. Capital
H.I.G. Capital, a global alternative investment firm with $65 billion in capital under management, has announced that its portfolio company, Lovett Care, has completed the acquisition of New Care, a provider of senior care homes in England and Wales. The acquisition brings the combined portfolio to 31 homes with a total of 2,148 beds, making it one of the top 20 largest care home operators in the UK. Riccardo Dallolio, Managing Director and Head of H.I.G. Realty in Europe, expressed enthusiasm about the transaction, highlighting the company's strategy to become a leading player in the UK's senior care sector. Lovett Care CEO, Keith Crockett, emphasized the strategic milestone the acquisition represents in their commitment to offering high-quality care in attractive market locations. With this acquisition, H.I.G. aims to enhance synergies between the award-winning companies and leverage opportunities for organic and inorganic growth in the sector. H.I.G. Capital, headquartered in Miami, has a prominent global presence with investments in over 400 companies and continues to focus on value-added investments across various sectors.
Sectors
- Healthcare - Senior Care
- Private Equity
Geography
- United Kingdom – The primary market for this acquisition activity is the UK, where Lovett Care and New Care operate their senior care facilities.
- United States – H.I.G. Capital is based in the U.S., specifically in Miami, and manages investments globally, including this UK acquisition.
Industry
- Healthcare - Senior Care – The article discusses the acquisition activity within the senior care sector, where companies provide residential and nursing care for seniors.
- Private Equity – H.I.G. Capital, a private equity firm, is backing the acquisition through one of its portfolio companies, showcasing its involvement in investment and acquisitions.
Financials
- $65 billion – The amount of capital under management by H.I.G. Capital, highlighting its capacity to support large investments.
- 2,148 beds – The total capacity of the merged Lovett Care and New Care portfolio, marking significant growth in their operational scale.
- 31 homes – The total number of care homes under Lovett Care's management after the acquisition, illustrating the expansion.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| H.I.G. Capital | Private Equity Firm | Company | A global alternative investment firm managing $65 billion, focusing on buy-outs and investments in various sectors. |
| Lovett Care | Acquirer | Company | A leading UK provider of senior care homes, aiming to expand its portfolio and improve care quality. |
| New Care | Target | Company | A Cheshire-based provider of modern senior care facilities, known for high-quality care services. |
| Riccardo Dallolio | Managing Director, Head of H.I.G. Realty Europe | Person | Leads H.I.G. Realty's European operations and oversees strategic investments. |
| Stelios Theodosiou | Managing Director, H.I.G. Realty | Person | Responsible for identifying and executing synergistic transactions for H.I.G.'s portfolio companies. |
| Keith Crockett | CEO of Lovett Care | Person | Oversees Lovett Care's strategic operations and integration of New Care post-acquisition. |