The sale of Craegmoor to Advent International, the private equity group, is expected to close today, four months after the care home operator was put on the market by owner LGV Capital.
The sale price is about £290m. At various stages in the course of the bidding, rumours of a possible sale price had ranged between £250m and £300m, but the deal does not appear to have been adversely affected by the recent difficulties of Southern Cross, one of Craegmoor’s biggest competitors.
The deal had originally been expected to close 10 days ago, but Craegmoor’s size and complex capital structure meant it took slightly longer.
Some of the delay is attributable to increased caution on the part of bankers, who in recent weeks have become concerned to verify that every possible piece of due diligence is complete before they issue loans.
Craegmoor operates 250 care homes and day care centres.