CareChoice nursing home operator sold for €70m
French investment fund buys operator of six care homes and plans four new facilities
CareChoice operates six care homes across Dublin, Cork and Waterford with about 500 long-term residential care beds. The four new homes will add a further 600 care beds to the group.
Nursing home operator CareChoice has been acquired by French investment fund InfraVia Capital Partners in a deal that will pave the way for a major expansion of the group.
InfraVia is understood to have paid in the region of €70 million for CareChoice, which operates six care homes across Dublin, Cork and Waterford with about 500 long-term residential care beds.
The specialist infrastructure fund is expected to make further investments in CareChoice, which will retain its name.
Four sites in Dublin have already been identified for development in the initial phase of an expansion strategy. The four new homes will add a further 600 care beds to the group.
It may also expand some of its existing nursing homes and acquire others, it said.
This is not the first time that InfraVia has been active in the Irish market. The company previously bought a network of 298 telecoms masts from State forestry agency Coillte.
Paul Kingston will remain as chief executive of the company, which was founded in Cork.
The new board will include Jimmy Tolan, the former VHI Healthcare chief executive who has been chairman of CareChoice for the past two years, and Fergus Clancy, a former chief executive and chairman of the Mater Private Group.
“This is a great development for CareChoice and the residents we are privileged to care for,” said Mr Kingston.
“Having InfraVia as the new owners allows us to significantly expand the business and specifically to address an unmet need for additional high-quality new nursing home beds in the Dublin area.”