August Equity has purchased Essex-based business The Old Deanery Care Village for an undisclosed amount.
The acquisition comprises of two care homes, The Old Deanery and St Mary’s Court – both of which are on the same site.
London-based August Equity backs businesses in the social care, healthcare and IT/ managed and outsourced services industries and recently closed its August Equity Partners III fund with a target of £180 million.
According to the firm, the acquisition of The Old Deanery Care Village will create a South of England focused high quality, asset-backed, private pay, residential and nursing care homes group for patients with dementia.
Aatif Hassan, partner at August Equity, says that the deal was an ‘off-market transaction’.
‘We have considerable experience in the care home market and are backing an exceptionally strong management team to deliver the roll out of this specialised dementia care homes group,’ he explains.
‘Our pipeline for new sites and opportunities is strong. The dementia market is expected to nearly double every 20 years and groups with specialised dementia facilities are well positioned to capitalise on this growth.’
More on August Equity deals:
- Aspirations team closes BIMBO
- August Equity disposes of Planit
- August Equity in £37 million acquisition
August Equity’s last deal came when it invested in Minerva Education, a business which consists of Eaton Square School Group and Ravenstone School. The transaction was the first to be made from its recently-raised fund.
The management team at The Old Deanery Care Village is being led by Julia Clinton and Charles Auld, who has chaired three August Equity portfolio companies to date.
Clinton, CEO of the company, comments, ‘The Old Deanery and St Mary’s have enviable market reputations and we hope to use, and improve on, the best practice from these sites to develop a number of other care homes.’