Private equity firm Graphite Capital has sold its majority shareholding in Optimum Care, a provider of homes and care to elderly residents, to Four Seasons Health Care, the UK’s largest independent elderly and specialist care provider, which is owned by Terra Firma.
Optimum, which was created in June 2007, now operates 17 homes with a total of 1,213 beds. The homes have high levels of occupancy and operate under the Avery brand name.
Graphite’s development capital investment in Optimum enabled the company to build and acquire care homes across England, starting initially with one trading home. Under its management team, led by founders John Strowbridge and Ian Matthews, Optimum has developed a portfolio of purpose-built homes and, in doing so, has created 795 full time jobs.
Graphite remains committed to the sector through its continuing investment in Willowbrook Healthcare, a sister company to Optimum at a less mature stage of development which is managed by the same senior management team. Willowbrook operates 13 premium-quality care homes for the elderly which also trade under the Avery brand.
John Strowbridge, Optimum managing director, says: “Graphite have been tremendously supportive of Optimum over the past six years, and their knowledge and understanding of the care homes sector has been of huge value to us as we developed and acquired a significant number of new homes in a short space of time.”
Graphite senior partner Mark Hudson says: “The combination of development capital provided by Graphite and the vision and experience of the founders enabled Optimum to grow rapidly. We were pleased to contribute to this success, especially given the ongoing requirement for additional high quality care homes in the UK to meet the needs of the rapidly increasing elderly population. Optimum is very successful and we believe it will continue to flourish under Four Seasons’ ownership. Graphite will continue to invest in the sector and retains its majority shareholding in Willowbrook Healthcare whose portfolio of homes is still maturing.”
