SYNOVA BACKS OAKLAND MBO
Synova Capital (“Synova”), an award winning investor into UK growth companies, is pleased to announce the completion of a £30.0 million investment into the management buy-out of Oakland Primecare (“Oakland”, or the “Group”), a leading provider of premium private pay elderly care focused on the South East of England.
Oakland’s management team has a 20-year track record in developing and operating market-leading care homes. Synova’s investment will enable management to build on a strong existing pipeline of sites for future development and create a leading portfolio of private pay purpose-built, premium quality care homes.
The Group, which benefits from impressive regulatory assessments, provides residential, dementia and nursing care. Each home offers superior amenities, ample and varied day space, attractive landscaping, and generous room sizes, with a focus on providing market-leading care in a friendly and welcoming environment.
The premium elderly care market is large, stable and growing with market growth underpinned by positive demographic drivers and a shortfall of quality supply across the sector.
Tim Ashlin, a Partner of Synova and a Director of Oakland, commented: “Elderly people and their families are often faced with very limited choice and a shortage of high quality providers in their local areas when seeking a care home place. This problem is only going to worsen as the UK population continues to age. We are delighted to be partnering with the management team of Oakland to help address this market need and continue to build the leading care provider in the sector.”
Harnoop Atkar, CEO of Oakland, commented: “Synova’s investment is an exciting milestone in the development of the Group. We wanted a partner that offers much more than just funding; Synova’s supportive approach and deep understanding of our sector really appealed. We have an excellent pipeline of sites for future development to build on our existing platform and Synova’s financial and strategic support will enable us to fully capitalise on these opportunities and to accelerate our growth plans.”