Irish racing tycoons sell Barchester Healthcare to US giant Welltower for 5.2bn

"Three of Ireland's best-known businessmen - JP McManus, John Magnier and Dermot Desmond - have sold Barchester Healthcare, the UK's largest private care home operator, to US real estate giant Welltower in a landmark £5.2 billion deal. The transaction represents one of the largest healthcare acquisitions in British history and underscores the growing appeal of the UK's social care market to overseas investors. Welltower, the world's biggest real estate investment trust (REIT) specialising in healthcare assets, confirmed it will retain Barchester's existing management team but that the three billionaire shareholders will exit the business entirely."

"Barchester operates 223 nursing homes and hospitals across the UK, providing 14,500 beds and employing over 16,000 staff. Founded in 1992 by Mike Parsons, the company has grown into one of Britain's largest private care operators, with a strong footprint in London and the South East. McManus, 74, and Magnier, 77 - renowned for their success in global horse racing - along with 75-year-old Celtic FC shareholder Desmond, have held their stake in Barchester for more than two decades through their Jersey-based investment vehicle, Grove Limited. The trio, who also co-own the Sandy Lane Hotel in Barbados, nearly sold the group in 2019 to Australian infrastructure investor Macquarie for £2.5 billion, but that deal collapsed amid Brexit uncertainty."

Welltower purchased Barchester Healthcare for £5.2 billion, creating one of the largest healthcare acquisitions in British history and signaling strong overseas interest in the UK's social care market. Barchester runs 223 nursing homes and hospitals, offering 14,500 beds and employing over 16,000 staff, and has a substantial presence in London and the South East. The three Irish billionaire owners sold their stake after more than two decades via Grove Limited, achieving a valuation well above a collapsed 2019 offer. Rising care fees and an ageing population increased investor demand. The sale will strengthen the company's ability to expand and innovate.

Read at Business Matters