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PRINT THIS PAGE Graphite sells Avery to Southern Cross for £96.5m07/06/2007. Source: AltAssets. 
 UK mid-market private equity firm Graphite Capital has sold its majority shareholding in Avery Healthcare, an operator of premium care homes for the elderly, to Southern Cross Healthcare Group in a deal that values Avery at £96.5m. The sale has generated a return of 2.7 times Graphite's investment in 20 months, the firm said in a statement.
Southern Cross is buying 16 of Avery's 21 care homes and is also acquiring the management team's shareholding.
Graphite has also announced that it is providing £22m of additional equity capital to build a new company, Optimum Healthcare, which will acquire and develop premium care homes using the five homes which are not part of the Southern Cross deal as its nucleus. Avery's management team is rolling a proportion of its proceeds from the Southern Cross transaction into the new company.
Graphite focuses on management buy-outs and buy-ins, expansion capital, replacement capital and turnaround opportunities. It invests in transactions with an enterprise value of £20-200m.
The firm closed its seventh fund, Graphite Capital Partners VII, on £475m. Graphite also announced in May that it had raised a co-investment fund of £80m for the purpose of investing alongside CP VII in selected larger transactions.
Copyright © 2007 AltAssets
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