£15m deal allows Mimosa to become a hotbed of growth

Posted on July 1st, by editor in Caring Times. No Comments

Nottingham-based Mimosa Healthcare plans to expand its operations following a £15m injection of development capital from members of Hotbed, a private investor network, and HSBC Bank. The deal with Hotbed will enable Mimosa to add several new freehold homes to its estate to take bed numbers to well over 1,000. Set up in 2000 by Anthony Massouras, Mimosa is now one of the biggest independent care home groups in the UK, with 18 homes and more than 850 beds, most of which are purpose-built and located mainly in Yorkshire. Mimosa was introduced to Hotbed by Michael Smith, a former member of the main board of BUPA and a non-executive chairman of the 3i backed Bettercare prior to its 2005 sale to The Four Seasons Group for £116m. More than 70 members of Hotbed’s 400 strong investor base raised £4m of equity for the deal, with the remainder funded by bank debt provided by HSBC. Mr Smith will now become Mimosa’s non-executive chairman. Bernard Dale, head of private equity at Hotbed, said the care home sector had at

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