Graphite Capital has sold its majority shareholding in Avery Healthcare to Southern Cross Healthcare Group realising returns of 2.7x. The deal values Avery, which owns and operates care homes for the elderly, at £96.5m. Southern Cross is buying 16 of Avery’s 21 care homes and is also acquiring the management team’s shareholding. Graphite and the Avery management will build a new business around the five remaining care homes - Optimum Healthcare. Graphite has provided Optimum with £22m of additional equity capital.
Deal includes three manufacturing facilities located in Spain, which employ around 140 staff
GP acquired the care home group from Swiss Prime Site and will be the company's sole shareholder
Iris, Idinvest and historical backers invest in the manager of the eponymous social media app
GP uses its Mérieux Participations 3 fund, which held a first close on €200m in 2018