LRH Homes Group sold for over £70m
The final 13 properties belonging to elderly care group, LRH Homes, has been sold for over £70m in deal undertaken by Christie & Co and Colliers International.
The purchasers of the concluding transaction, Golden House Ltd and Ravad Ltd, are publically listed companies that already own and operate St Cloud Care, a group of six homes in Surrey, Oxfordshire and Worcestershire. The transaction increases the size of the combined care home group to 19. The transaction of the final 13 properties this week swiftly follows a separate deal in which Christie & Co sold two of the LRH Care Homes in December 2016.
Golden House has specialised in elderly care since 1983 and the principle investor in Ravad is a well-known Israeli property investor, Igal Ahouvi. First established in 1996, LRH Homes, based in London and the South of England, has over 700 operational beds.
Golan Rubinstein, director of Golden House Ltd and Arnon Rubinstein, director of St Cloud Care, who will lead the day to day operations, commented, “This acquisition is an ideal investment to add to our growing portfolio of real estate care homes. LRH Homes has been built as a family business with a clear set of values and ethos and we look forward to working with the staff to further develop and grow the company over the long term.”
Bernard Wynne, Director at Christie & Co, acting for LRH, commented, “This transaction shows a significant commitment to a good quality portfolio and highlights long term confidence in this segment of the elderly care market. We wish both parties well.”
Jag Grewal, former CEO at LRH Homes, commented; “The business has been very strong and I’m particularly proud of our achievements over the past 21 years which have helped us to maintain high standards for the group.
Max Broadbent, Director at Colliers International adds, “There are a number of excellent family operated care home groups which have been built up over many years and for the right opportunities, demand is high. The care home sector continues to provide a strong long term investment based on sound fundamentals and we expect to see continued consolidation in the mid- market. I have no doubt that the new owners will continue to expand and grow, which is great news for residents and staff alike.”
