Newcare Homes was established 15 years ago and has built a business, designing and delivering purpose-built care facilities in villages and towns, as part of the McGoff Group. Covering Cheshire, Merseyside, Lancashire, Greater Manchester, Yorkshire and Nottinghamshire, it has a portfolio of 15 facilities (1,057 care beds).
Lovett Care is a provider of care homes for older people across England and Wales. Established in 2009, Lovett has grown to a portfolio of 16 homes (1,091 care beds).
‘We are delighted to welcome the residents and our new colleagues at Newcare to the Lovett Care family and are looking forward to working and growing together. This is a key milestone in our long-term strategy and consistent with our commitment to deliver the best quality care in attractive market locations. The team at Connell Consulting did an excellent job in supporting our analysis of the transaction. They provided valuable insight into the trading dynamics and reputation of the homes within local markets, and provided timely and targeted responses to the key question arising in the process,’ said Keith Crockett, Lovett Care Chief Executive.
Chris McGoff, Newcare Chief Executive, added: ‘We are delighted that Newcare is now in the reliable hands of Lovett Care who share our values, high standards, and above all our care for the residents for whom Newcare is home. We are confident the homes will continue to thrive and be a success with Lovett Care.’
H.I.G. Capital, a global alternative investment firm with $65bn (£50.2bn) of capital under management, invested in Lovett Care in March 2022.
Riccardo Dallolio, Managing Director and head of H.I.G. Realty in Europe, said: ‘We are delighted to complete this transaction and to continue in our plan of building one of the leading players in the UK elderly care sector.’
Stelios Theodosiou, MD at H.I.G. Realty, added: ‘This transaction will bring together two award winning groups with a strong track record of delivering and operating high-quality next-generation care homes. We will continue to seek opportunities to expand our Lovett Care portfolio, both organically and inorganically, pursuing our goal of making Lovett Care a top 10 care home operator in the UK.’