InfraVia has acquired CareChoice, Ireland’s second-largest private owner and operator of nursing homes.
No amount was disclosed for the transaction, but sources with knowledge of the deal told Infrastructure Investor it was valued at under €70 million. It is understood that the purchase was entirely equity financed. InfraVia declined to comment.
CareChoice currently runs six nursing homes across Ireland – in Dublin, Cork and Waterford – providing a combined 500 beds. InfraVia said the company was planning to expand rapidly in the coming years on the back of Ireland’s growing need for long-term residential care, both through scaling up existing facilities and building or acquiring new ones.
Current chief executive Paul Kingston will remain in the role, while two Irish health sector experts, Jimmy Tolan and Fergus Clancy, will join the board.
The deal means InfraVia European Fund III is now about 70 percent invested, according to sources, with another one or two transactions expected before it reaches full deployment.
The vehicle’s portfolio already includes oil storage platform Alkion, Italian airport operator Save Group, Italian container terminal Gruppo Investimenti Portuali, the solar business of France’s Fonroche, smart metering provider OSB and Welsh-based data centre Next Generation Data.