InfraVia buys Irish nursing homes operator Carechoice

According to unquote" sister company InfraNews, the Paris-based GP purchased the company in an all-equity transaction valued within the €60-70m bracket, while existing debt has been rolled over. The fund manager acquired the business from the Emerald family office, which bought the company in 2014 for a reported €33m.

In a statement, the GP said it intends to support the company's expansion through the development of new nursing homes in the Dublin area, as well as through bolt-on acquisitions.

Following the deal, the company's former chairperson, Jimmy Tolan, will retain a seat on the company's board, while Fergus Clancy, former CEO and chair of the Mater Private Group, will join the board. Additionally, InfraVia's partner, Bruno Candés, will join the board alongside investment manager Aymar de Tracy and director Grégoire de Chammard.

InfraVia has €1.7bn in assets under management through three funds. Recently, the GP announced the closing of its third European infrastructure fund, InfraVia European Fund III, on €1bn, above its initial target of €750m.

Company
Established in 2006, Carechoice currently operates six nursing homes in Ireland, for a total of 503 beds for elderly patients. Headquartered in Cork, Ireland, the company also has a presence in Waterford and Dublin. The business employs 600 people.

People
InfraVia – Vincent Levita (founder, CEO); Bruno Candés (partner); Aymar de Tracy (investment manager); Grégoire de Chammard (director).
Carechoice – Paul Kingston (CEO).

Advisers
Equity – Investec (financial due diligence); LK Shields (legal); PwC (commercial due diligence, tax).

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• Buyouts
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• UK / Ireland
• Ireland