The state’s largest private nursing home group goes public in Paris Orpair Groupentered the market in January 2020, purchasing the TLC nursing home portfolio for €150 million from founder Michael Featherston, owner of K Club Golf Resort in County Kildare.
Over the next 18 months, Orpea acquired the Brindley Healthcare care home group and the FirstCare collection of nursing homes.
The Irish site currently has 24 homes and 2,149 beds, with a further 231 homes set to be added this year with two new developments. Last year, its French parent company requested a bailout led by a state-owned investment company following a major scandal over mistreatment of residents in the domestic market.
The Irish division, Olpea Residences Ireland, recently reported a loss of approximately €153 million in 2021-2022, primarily due to the writedown of goodwill related to acquisitions at the peak of the market. This was revealed in the financial statements.
MORUM HEALTH CAREis the second-largest player, operating 32 facilities, including three managed on a contract basis, covering a total of 2,070 beds. The number of beds has increased by around 500 since Dublin-based Cardinal Capital Group acquired a majority stake at the end of 2020 for more than €50 million.
Co-founder Joe Hanrahan and early investor and former CEO Pat Shanahan remain shareholders.
The Morum property is leased from French insurance company AXA’s investment management arm and Belgian real estate trust companies Aedifica and Cofinimo.
care choiceis the third largest nursing home operator, acquired by French investment company Infravia Capital Partners in 2017 for approximately 70 million euros, and has approximately 1,554 beds in 15 facilities, including including one opened last fall overlooking Dublin’s Grand Canal.
The group’s holding company, CareChoice Holdings Limited, said in its 2022 financial results concluded in September that it had had to rely on its owners for a €19 million cash injection over the past 16 months as it remained in the red. Stated. The combined net losses for 2021 and 2022 totaled 27.3 million euros.
virtueThe next largest facility has 1,300 beds and, at the time of Emera’s investment in late 2020, consisted of nursing homes in Blackrock and Foxrock, south Dublin, and a facility in County Louth.
Emera subsequently supported Virtue’s deal to acquire Cignacare, a nursing home group in the southeast of the country, in March 2021. The underlying real estate used by the group is owned by a real estate fund managed by Paris-based Euryale Asset Management and Aedifica.
Virtue’s parent company VIEC Holdings’ latest financial report shows the business’ pre-tax loss was 1.49 million euros in 2021, despite sales more than doubling to 104 million euros. In 2022, it will increase to 2.45 million euros. The increase in revenue was due to Virtue adding new nursing homes and acquiring home care businesses.
French care home operator DomsviThe fifth major operator, Trinity Care, acquired the business, which consisted of six nursing homes and rehabilitation clinics, and was then majority-owned by businesswoman Anne Heraghty and her husband Paul Carroll. It entered the market in January 2021.
DomusVi immediately sold the property to Belgian real estate company Cofinimmo. The total contract is said to be worth between €150 million and €200 million. The company trades under his Trinity Care brand.
DomusVi currently manages 964 beds across 12 locations. The company’s Irish division reported a total loss of €7.14 million in its first two years on the market.
Rounding off the top 10 operators, we get Apere. His 560-bed chain of 10 homes was built by Cork-based investment firm BlackBee Group, initially by acquiring Munster’s Ditchley Housing Group.
The group’s regulated arm, Blackbee Investments, went into liquidation in May last year following a High Court application from the central bank amid concerns about its governance, strategy and financial position. Two of the 10 properties were closed due to concerns over governance and management, and the third was requisitioned by the HSE late last year after failing an inspection on Hika Island.
Paul Kingston, the former chief executive of Appery, who resigned at the end of 2022 following a High Court dispute with Blackbee founder David O’Shea, left the nursing home operator at the end of last year. He was leading a group that had agreed to take over. Industry sources say the new team is expected to aim to reopen closed facilities in Ballygunner, Co. Waterford, and Belgooley, Co. Cork, and take back control of a third facility in Callan, Co. Kilkenny.
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