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Bentleigh Cross secures cornerstone shareholder and funding for £70m expansion
Andrew Barnsley, Managing Partner of Adam Street Advisers, advised the shareholders of Bentleigh cross Limited on the sale of a majority stake to LifeCare Residences to fund Bentleigh Cross’ £70 million expansion programme.
Bentleigh Cross is a close care and nursing home developer and operator. It has recently completed its first market pioneering development located in the town centre of Dorchester, consisting of a 40 bed nursing home and 68 close care apartments. Terms have been agreed for two further sites in the south west of England to develop 250 apartments and 100 nursing home beds with a combined gross development value of £70 million.
Tony Murley, Bentleigh Cross Founder and Director said “Bentleigh Cross has completed its first scheme, developed its brand and has secured sites for further growth. This investment increases the financial and sector capabilities of Bentleigh Cross. We are pleased to have LifeCare as a cornerstone shareholder to underpin our expansion programme”.
LifeCare Residences is a developer and operator of close and assisted care retirement villages.
Andrew Barnsley said “Bentleigh Cross is entering an exciting phase in their business development and we were delighted to work with them to identify a suitable investor.”
Source: Press Release