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Advent acquires Craegmoor from LGV18/07/2008. Source: AltAssets. 
 Advent International has acquired healthcare provider Craegmoor Healthcare Group from UK mid-market firm LGV Capital.
The company was acquired by LGV in July 2001 for approximately £200m. In 2007, the company reported a turnover of £164m.
Craegmoor currently supports over 4,000 people, employing more than 6,000 members of staff through 234 specialist and nursing care homes, independent hospitals, specialist adult colleges and supported living schemes across the UK.
Advent will immediately allocate £13m for a capital expenditure programme primarily targeted at improving Craegmoor's existing care facilities, and will put in place further financial facilities to support both organic and acquisitive growth, according to the firm.
Tom Allen, the Advent director who led the investment, said, 'We have followed Craegmoor for over seven years and now believe the timing is right for us to invest in the business. The management team has implemented some highly-effective operational changes over the last couple of years which are delivering tangible results.
'As new investors, we are able to focus on capitalising the business' strengths and supporting management in driving further operational improvement and business expansion. In the mid-term, we envisage that Craegmoor will be ideally placed to lead consolidation in the growing specialist care market,' he added.
Earlier this year, Advent sold German nursing home operator Casa Reha to Hg Capital.
Copyright © 2008 AltAssets
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