LONDON, Oct. 30, 2024 /PRNewswire/ — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce that its portfolio company Lovett Care, a leading provider of elderly care homes across England and Wales, has completed the acquisition of New Care.

Established in 2009 and based in Newcastle-under-Lyme, Lovett Care has grown to a portfolio of 16 homes (1,091 care beds) and is committed to becoming the best-in-class provider in the elderly care sector, through continued investment in its facilities, systems, and people. Cheshire based New Care has a portfolio of 15 facilities (1,057 care beds) and has established a strong reputation for delivering high quality care in modern, purpose-built settings. The combined group will own 31 homes with a total capacity of 2,148 beds, making it a top 20 care home operator in the UK and one of the largest in the Midlands.

Riccardo Dallolio, Managing Director and Head of H.I.G. Realty in Europe, commented: “We are delighted to complete this transaction and to continue in our plan of building one of the leading players in the U.K. elderly care sector. We have created several successful real estate platforms in sectors with strong underlying secular trends such as hospitality, logistics, and self-storage, working with best in sector management teams.”

Stelios Theodosiou, Managing Director at H.I.G. Realty, commented: “The transaction demonstrates our ability to source and execute off-market transactions that are highly synergistic to our existing portfolio companies. 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.”

Lovett Care CEO, Keith Crockett, said: “We are pleased to welcome the residents and our new colleagues at New Care 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.”

About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, and Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The Firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and its affiliates.

Contact:

Riccardo DallolioManaging Directorrdallolio@hig.com

Stelios TheodosiouManaging Directorstheodosiou@hig.com 

H.I.G. Capital10 Grosvenor StreetLondon W1K 4QBUnited KingdomP +44 (0) 207 318 5700hig.com

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