Four care homes in South Gloucestershire have been acquired for an undisclosed sum.
Olive Tree House and Rose Garden in Patchway, and Blossom Fields and The Grove in Winterbourne, have been sold by operator Grove Care to a joint venture of Allegra Care and investment firm Moorfield Group.
The portfolio provides more than 180 rooms, with the facilities having received both ‘Outstanding’ and ‘Good’ Care Quality Commission (CQC) ratings.
With the deal Allegra and Moorfield now own and operate 11 homes across Hampshire, Cambridge, Suffolk, and on Bristol’s northern edge.
The homes’ new owners said they were looking to create an initial £125m portfolio of modern, fit-for-purpose nursing, dementia, and care homes across the country.
Allegra’s chief executive Helen Jones said: “The homes are well established, well regarded, attractive, and warm, with strong standards of service. We welcome our new colleagues to the Allegra Care team. We thank our due diligence partners for their efforts. The acquisition heralds a tremendous end to 2022 for Allegra Care.”
Bosses at family-run Grove Care, which was established more than 30 years ago, added: “It was clear from the outset that [Allegra’s] values and approach to care was closely aligned with ours and we wish them all the very best.”
Rob Kinsman, regional director at Christie & Co who brokered the deal, added: “Grove Care is a fantastic addition to the Allegra portfolio. Having brokered the sale of their first care home, St Georges in Weston super Mare in 2019, it’s great to be part of their ongoing growth. This is a significant transaction in the elderly care sector and underlines investor appetite.”
Law firm RWK Goodman advised the directors of Grove Care on the sale.
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