Graphite ups care home commitment

Mid-market private equity house Graphite Capital has upped its equity interest in nursing homes operator Avery Healthcare (along with management) to £23 million, in order to aid the latter’s ambitious expansion plans.

In just five months Avery has opened five new homes, taking the total to seven.

Aiming to increase its portfolio to at least 20 homes over the next two to three years, Avery has two further properties under development – hence Graphite’s decision to increase its own equity commitment and help secure a £45 million debt facility from the Royal Bank of Scotland. Back in October the total level of funding made available was £29 million.

A busy few days for Graphite have also seen the group increase its interest in Summit Medical, another health sector investment. The medical products business has acquired Birmingham-based rival Marshall Contracts, with Graphite this time teaming up with Bank of Scotland to help finance the transaction. This represents Summit’s second acquisition since 2001’s £17 million BIMBO.

Commenting on the two deals, Graphite investment director Mark Hudson notes: ‘we have extensive experience of investing in both the devices and services side of the healthcare sector and are committed to supporting our portfolio companies as they expand.’

Sara Williams

Sara Williams

Sara Williams was executive chairman of AIM-listed Vitesse Media (the original publisher of, the company she started in 1997. A former investment analyst with Kleinwortt Benson, Sara...

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