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UK - Graphite Capital backs further acquisition by Avery Healthcare

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Graphite Capital has provided equity funding for the acquisition by Avery Healthcare of Hadrian Healthcare. Based in Gateshead, Hadrian has eight care homes for the elderly in North East England and is regarded as one of the leading operators in the region. All of its homes are purpose-built and offer a very high standard of accommodation and care.

Avery is a fast-growing elderly care homes group in which funds managed by Graphite own a majority shareholding, alongside the senior management team. The Hadrian acquisition is Avery’s second in four months, following the purchase of Supreme Care Homes in March. Avery now has a portfolio of twenty homes, including two under development, which when mature will consist of over 1,100 beds. Avery has grown rapidly since Graphite led the £29m development capital investment in October 2005, and now has committed equity and debt funding of over £100m. In addition to new equity from Graphite, the Hadrian transaction was financed with additional debt funding from Royal Bank of Scotland, and Allied Irish Bank have also joined the banking syndicate.
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