H.I.G. Realty backs Lovett Care
Miami-based global alternative investment firm H.I.G. Capital affiliate H.I.G. Realty has invested in care home operator Lovett Care, based in Cheshire.
Lovett owns and operates eight care homes and caters to more than 500 service users offering residential care, dementia care, day care, palliative care, nursing care and respite care in Staffordshire, Cheshire and the Northwest, and is focused on the affordable premium private-pay sector.
H.I.G. Realty has also appointed Craig Cook as executive chairman and Keith Crockett as chief executive of Lovett Care.
Cook has almost 30 years’ experience in the healthcare and finance industry, 15 of which with UK care provider Barchester Healthcare. Crockett has more than 20 years’ experience in the healthcare and finance industry where he held senior and executive roles at Avery Healthcare and Welltower.
Riccardo Dallolio, managing director and head of H.I.G. Europe Realty in London said: “Craig and Keith’s wealth of experience and proven track record to build businesses is an excellent fit for our objective to create one of the leading players in UK elderly care sector. This is in line with our strategy of working with best-in-sector management teams and of investing in platforms with strong underlying secular trends. With platforms in the cold-storage, self-storage, film-production, life-sciences and PRS sectors, we are focused on building best-in-class businesses with critical mass.”
Stelios Theodosiou, managing director at H.I.G. Europe Realty, added: “The transaction demonstrates our ability to invest in operating platforms with a strong programmatic element. Since our investment, Lovett has grown its portfolio from two to eight homes. With the appointment of Craig as executive chairman and Keith as CEO, we believe we have in place a best-in-class management team to grow Lovett into one of the leading private pay elderly care operators in the UK. Having one of Lovett homes nominated as a finalist in the UK healthcare design awards, demonstrates the level of quality of care and offering we intend to bring to market.”
Cook commented: “The Lovett Care team are very excited to welcome Keith and look forward to working with him. With Keith’s depth of knowledge and experience in the industry, we are confident in our ability to grow our business rapidly. With H.I.G.’s aspirations to continue growing in the sector, I am confident that under the leadership of Keith we can make Lovett into one of the leading, high-quality elderly care providers in the UK.”
H.I.G. has $48 billion of equity capital under management.
Date published: March 22, 2022