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.
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 £80 m
Total Capital raised
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.