Waterland taps deep elder care experience for debut Irish platform deal

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Dutch buyout firm Waterland Private Equity has sealed its first platform investment in Ireland by backing elder care provider Silver Stream Health Care Group.

The company is one of the largest independent providers of residential care for older people in Ireland, providing long-term and respite residential and nursing care for up to 357 residents.

Waterland said it planned to pursue a buy-and-build strategy to acquire high quality single sites and small groups in Greater Dublin and the surrounding area.

The firm has deep experience investing in residential care homes for older people across Europe, having previously backed Senior Living Group in Belgium and Seniocare in Switzerland.

Waterland is currently invested in Schönes Leben Gruppe in Germany, and has grown the company from 28 locations on acquisition twelve months ago to 42 locations today.

The Silver Stream investment is the fifth platform deal by Waterland’s UK and Ireland team and the eleventh transaction since it opened a Manchester office in 2017.

Andy Scaife, head of Waterland Private Equity for UK and Ireland, said, “Residential care is absolutely vital to society and our investment will go some way to supporting the evolving needs of residents and their families across Ireland.

“The investment creates a solid foundation for our ambition to create a market leader for care quality in Ireland.

“We can’t wait to get started and work closely with the management team and employees as we grow the business, create more job opportunities and, crucially, deliver the best possible care.”

Waterland took less than two months to hit a €2bn final close for its seventh flagship fund in 2017, just a couple of years after closing its €1.55bn predecessor vehicle.

The firm made a quick exit of Zentrum Gesundheit in March through a sale to fellow buyout house NORD Holding after a two-year hold.

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