Britain's largest care homes operator Southern Cross Healthcare is to brave turbulent stock market conditions and go ahead with floatation expected to value the firm at around £500 million.
Southern Cross, which runs 578 homes for the elderly and provides long-term care to people with physical and learning disabilities, said on Sunday it plans to raise £275 million to boost services, cut debt and bolster its acquisition firepower.
The company was bought by American private equity firm Blackstone Capital Partners for £162 million in 2004. This means that in less than two years the venture fund has at least doubled its money! Not a bad return.
The company has put a figure of £11.7 billion on the value of the UK care market. Dick Stroud
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