UK - Graphite Capital sells Avery Healthcare to Southern Cross for £96.5m
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.
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