Bupa acquires Richmond Care Villages
Bupa thas made a further step into the care village sector by acquiring Richmond Care Villages.
Richmond currently owns and operates five care villages in England which are home to more than 660 people. The deal also includes three further sites for developing new care villages.
The five villages – in Gloucester, Northamptonshire, Warwickshire, Cheshire, and Oxfordshire – include independent living apartments and assisted living support, along with residential care, all on one site.
Managing director of Bupa Care Services Andrew Cannon said:
“This acquisition underlines Bupa’s strategy to offer older people a wider choice and expand the range of services that we provide beyond care homes and further into the community. Richmond is an excellent company, with great people, and good locations, that will help us to meet these ambitions.
“We all want to retain our independence as we age, but we also want access to high-quality services and facilities, with the reassurance that further support is on hand if we need it, without having to move elsewhere. Care villages provide this all on one site.”
Under the deal, all existing 600 Richmond staff and management will move to Bupa.
Richmond Care Villages managing director Paddy Brice said:
“I am delighted that Richmond is to become part of Bupa – one of the best known and most trusted names in healthcare. We both share a commitment to providing the highest-quality service, care and support for our residents.
“I believe this move will greatly assist Richmond’s future expansion, allow us all to share expertise, and bring the benefits of Bupa’s global reach to our people.”
Bupa also manages a number of independent -living and assisted-living properties in the UK through its Goldsborough Estates business, as well as owning and operating 22 care villages in New Zealand.
Bupa was advised during the transaction by Addleshaw Goddard LLP, EY, and Colliers International Healthcare.
Jones Lang LaSalle Corporate Finance led the transaction acting as corporate, financial and real estate advisers.
Tim Edghill, head of mergers and acquisitions at Jones Lang LaSalle Corporate Finance said: “This transaction represents a successful outcome for both our client and Bupa. It demonstrates the depth of interest in the retirement village sector which will continue to grow, as lifestyle and choice become an increasingly important factor alongside care support in old age.”