Willowbrook Healthcare

Graphite provided £38 million of development capital to Willowbrook Healthcare, alongside £44 million of bank debt, to enable it to build and acquire 13 care homes

Willowbrook was set up in October 2008 as a successor company to two previous Graphite investments backing the same team, Avery Healthcare and Optimum Care.  The aim was to build and acquire a high quality portfolio of elderly care homes targeted mainly at the private pay market.

Willowbrook’s strategy was to own the highest quality care accommodation which would be the home of choice in their given catchment area, attracting a high private pay mix. The market was attractive due to increasing demand from an ageing population and a shortage of high quality homes.

In total Graphite funds invested over £70 million of development capital in Avery, Optimum and Willowbrook.

Willowbrook Healthcare

KEY BUSINESS ACHIEVEMENTS

Raised significant bank debt, with Graphite’s support, to help fund its expansion

Built eight care homes and acquired five others, all of which were new and designed to the highest specifications

Grew to 13 high quality homes with capacity for 880 residents

Created a business from scratch which was producing pro-forma EBITDA of £13.2m at the point of exit

over £80m

Total Capital Raised

BUSINESS EXIT

In 2013 Willowbrook Healthcare was sold for £146m to the management team with backing from Health Care REIT Inc., a large specialist property investment fund. Graphite generated a multiple of 2.2 times cost from the investment.