The United Kingdom has a new largest care home operator—and a former U.S. senior housing heavyweight will soon be at its helm.
HC-One on Wednesday announced its intention to acquire 122 care homes from Bupa, a London-based health care company that comprises care home operator Bupa Care Services, Bupa Health Clinics, Bupa UK Insurance, Oasis Dental Care and Bupa Cromwell Hospital in London. HC-One, based in Darlington, currently operates 231 care homes, at which seniors can receive various types of publicly funded services, including nursing care, dementia care, residential care and specialist care.
With the acquisition, HC-One will surpass Four Seasons and Barchester Healthcare to become the largest care home company in the UK, the Evening Standard reported. The purchase price was approximately £300 million, according to a press release from Bupa. The equity was provided by StepStone Real Estate and Safanad, and the debt funding was arranged by Deutsche Bank and Apollo Global Management LLP.
Starting October 1, HC-One will be led by Justin Hutchens, who most recently served as the president of Irvine, California-based health care real estate investment trust (REIT) HCP Inc. (NYSE: HCP). Hutchens announced his intention to join HC-One as its new CEO in April, but stayed on at HCP through June 1.
At the time of Hutchens’ hire, then-Chairman and CEO Dr. Chai Patel said Hutchens would “lead HC-One through the next crucial phase in its journey from turnaround to transformation.”
When pressed for further comment on the Bupa transaction, HC-One pointed Senior Housing News to two press releases on the deal.
Written by Mary Kate Nelson