Graphite Capital exits Willowbrook

Karin Wasteson
06 August 2013

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Graphite Capital has sold its majority stake in Willowbrook Healthcare, an owner of care homes for the elderly, to the company's management.

The management team will acquire the company in a management buyout with the backing of Health Care Reit, a US healthcare property investor. Willowbrook's founding management team, led by John Strowbridge and Ian Matthews, will continue to manage the company.

Graphite Capital, the management team and a bank syndicate led by Royal Bank of Scotland, including Bank of Ireland and Allied Irish Bank, provided in excess of £80m to build Willowbrook in 2008.

Graphite first backed John Strowbridge and Ian Matthews in October 2005 to establish Avery Healthcare, and also backed their subsequent venture Optimum Care. In total Graphite has invested more than £70m of growth capital in the three successive companies Avery, Optimum and Willowbrook.

During Graphite's holding period of the three companies, the team developed, acquired and managed 46 care homes for the elderly in England with a capacity of close to 3,200 residents.

Avery Healthcare was sold in June 2007 and Optimum Care in April 2013.

Company
Founded in October 2008, Willowbrook develops, owns and manages care homes for the elderly.

Since its inception, Willowbrook has grown to 13 freehold homes with a capacity of 880 residents. The company has a pipeline of further sites ready for development. Willowbrook has 938 employees.

People
Mark Hudson, Mark Hall, Simon ffitch and Mudassir Khan lead the deal for Graphite. John Strowbridge is the managing director of Willowbrook.