Carlyle Plans IPO for HCR ManorCare, Value of $2 Billion

The Carlyle Group has plans to take HCR ManorCare public in an offering that could raise roughly $500 million according to a report from Reuters.

Citing unnamed sources, the IPO could give the nursing home and assisted living facility operator an enterprise value of up to $2 billion.

In 2007, Carlyle paid $4.9 billion for ManorCare, which at the time had nearly 60,000 employees and a network of more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies.

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Late last year, Carlyle sold most of the ManorCare’s portfolio to HCP (NYSE:HCP) in a $6.1 billion sale and leaseback.

According to Reuters, the IPO should happen sometime after Labor Day.

The Carlyle Group recently acquired a 203 unit independent living community in Fort Worth, Tx.

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Exclusive: Carlyle’s HCR ManorCare readies $500 million IPO