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U.S. healthcare REIT Omega Healthcare Investors and Foundation Partners have acquired UK care home operator Runwood Homes in a £615M deal, adding 55 homes and 3,930 registered beds to their UK platform.
The newly acquired homes will be operated by Evera Living, a new care platform established by Foundation Partners, which has partnered with Omega to invest in and grow the business. The companies said they are targeting further acquisitions in the UK care market.
Evera Living will be led by John Forrest, formerly chief operating officer of Spire Healthcare, as CEO, with Vishul Seewoolall, previously COO of Signature Care and a regional operations director at Bupa, appointed COO.
“Alongside Foundation Partners and Evera’s leadership, we see the opportunity to support a substantial UK care business with the capital and capabilities for its next chapter,” Omega Healthcare Investors Chief Investment Officer Vikas Gupta said in a statement.
“The strength of this partnership is evergreen capital that shares our long-term perspective. Together, we want to build a multinational, multi-service care platform. We are thinking in decades, not towards a short-term exit,” Foundation Partners co-founder and Managing Partner Ben Puddle said.
Omega, which has a global portfolio of approximately 1,100 care facilities, has been investing in the UK for several years, and its UK portfolio comprised approximately 300 facilities, with the Runwood acquisition taking its UK holdings beyond 350 care homes.
Foundation Partners has invested approximately £750M in healthcare over the past decade and acquired and managed six operating platforms, representing more than 70 homes and 3,000 beds before the Runwood deal.
Its previous investments include New Century Care, Hartford Care, Graham Care, Select Healthcare and Towerview Care.
Runwood was founded by Gordon Sanders 40 years ago and has grown into one of the UK's larger elderly care operators.
Knight Frank advised on the sale.
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