H.I.G. Capital Expands Healthcare Footprint
H.I.G. Capital, a prominent global alternative investment firm managing an impressive $65 billion, has announced a significant development in the elderly care sector. Their portfolio company, Lovett Care, renowned for providing exceptional elderly care homes, has acquired New Care, demonstrating H.I.G.'s commitment to enhancing care standards.
The Growth of Lovett Care
Founded in 2009 and based in Newcastle-under-Lyme, Lovett Care is on a mission to become a top-tier provider in the elderly care landscape. With this new acquisition, Lovett Care now boasts a portfolio of 31 facilities with a total capacity of over 2,000 care beds. This merger is poised to reinforce their reputation as a leading care home operator within the UK.
Strategic Benefits of the Acquisition
This acquisition is a strategic move to consolidate Lovett Care’s offerings and enhance operational efficiencies. Combining forces with New Care, which has a strong presence across various modern facilities, will allow Lovett Care to share resources, improve service delivery, and expand its reach within key market areas.
Comments from H.I.G. Leadership
Riccardo Dallolio, Managing Director at H.I.G. Realty in Europe, expressed enthusiasm about the transaction, emphasizing its alignment with their strategy to strengthen their position in the elderly care space. He highlighted the potential for synergistic growth between the two companies, leveraging their capabilities to create a robust platform for future growth.
Commitment to Quality Care
Lovett Care CEO, Keith Crockett, remarked on the welcoming of New Care's residents and staff into the Lovett Care family. He sees this acquisition as a pivotal step in their long-term strategy to ensure the provision of high-quality care in appealing locations. This focus on quality is reflected in their ongoing investment in facilities, staff training, and innovative care solutions.
Expanding Market Presence
As H.I.G. Capital continues to grow its healthcare portfolio, the firm remains committed to seeking additional opportunities in the elderly care sector. Their strategy involves both organic growth and potential future acquisitions, aiming to enhance Lovett Care's position as one of the top 10 care home operators in the UK.
About H.I.G. Capital
H.I.G. Capital has established itself as a key player in the investment landscape since its inception in 1993. With a diversified portfolio exceeding $53 billion in sales across over 400 companies globally, H.I.G. specializes in providing tailored financial support to mid-sized businesses. Their real estate funds are dedicated to value-add properties while their focus on infrastructure investing highlights their commitment to long-term sector growth.
Frequently Asked Questions
What prompted H.I.G. Capital to acquire New Care?
The acquisition is part of H.I.G. Capital's strategy to strengthen its position in the elderly care sector by expanding Lovett Care's facilities and operational capabilities.
How many care homes does Lovett Care now operate after the acquisition?
Following the acquisition of New Care, Lovett Care now operates a total of 31 care homes, providing more than 2,148 care beds.
What is the main focus of Lovett Care post-acquisition?
Lovett Care aims to enhance quality care delivery, improve service offerings, and expand its market presence through strategic investments and operational synergies.
Who leads H.I.G. Realty in Europe?
Riccardo Dallolio serves as the Managing Director and Head of H.I.G. Realty in Europe, overseeing the expansion of their investments in various sectors, including healthcare.
What is H.I.G. Capital's investment strategy?
H.I.G. Capital's investment strategy includes management buyouts, growth capital, and venture capital investments, focusing on mid-sized companies with potential for significant growth.
