InfraVia’s InfraVia European Fund III has acquired Ireland’s second-largest care home operator.
The fund bought Carechoice, which has six nursing homes in Dublin, Cork and Waterford, with long-term 500 care beds.
Carechoice plans to expand its portfolio, buying nursing homes, developing new properties in Dublin, and extending its existing properties to meet a growing demand.
The company has also made changes to its board, to include Jimmy Tolan, chairman of Carechoice for the past two years and is a former chief executive of Vhi Healthcare, and Fergus Clancy, former chairman and chief executive of Mater Private Group.
Vincent Levita, founder and chief executive of InfraVia, said: “We believe Carechoice is an excellent platform to create a leading private provider of long term elderly care in Ireland.
“Carechoice is very well positioned to address the significant need for additional nursing bed capacity.
Chief executive of Carechoice, Paul Kingston, said: “Having InfraVia as the new owner will allow us to significantly expand the business.”
Investec, LK Shields and PwC advised InfraVia.
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