Graphite backs Avery Healthcare buy-and-build

Graphite Capital, a UK mid-market private equity manager, has backed Avery Healthcare, a group of care homes, in its acquisition of Hadrian Healthcare.

Graphite Capital, a UK mid-market firm, has backed portfolio company Avery Healthcare’s acquisition of Hadrian Healthcare, a group of eight care homes based in the north east of England, for an undisclosed sum.
 
Graphite Capital invested £29 million (€42 million) of development capital in Avery Healthcare in October 2005 to acquire a majority stake in the business. The investment was made from Graphite Capital Partners VI fund, which closed on £375 million in April 2003.
 
Graphite Capital and Avery Healthcare were advised on the Hadrian Healthcare acquisition by KPMG, PricewaterhouseCoopers, Olswang and McGrigors.
 
The Hadrian Healthcare purchase is Avery Healthcare’s second in the last four months, following its acquisition of Supreme Care Homes, which operates four homes also in the north east of England.
 
Graphite Capital said that it has committed more than £100 million of equity and debt for Avery Healthcare’s buy-and-build strategy. Debt financing has been provided by Royal Bank of Scotland and Allied Irish Bank.