July 31, 2016 Finance

Carlyle Group buy majority shareholding in Akari

The Carlyle Group announced on the 29th July that it had reached an agreement with Lloyds Banking Group (LBG) to buy a majority shareholding of Akari Care, a healthcare and residential care group based in the UK. In 2012, LBG became owners of Akari following its previous owners Bondcare. Over the past four years Akari facilities have been managed on behalf of LBG by Healthcare Management Solutions (HCMS), who have maintained the business and that of other owners on an ongoing management service basis.

Equity for the transaction will come from Carlyle Strategic Partners IV, a Special Situations & Corporate Opportunities fund. The investment in Akari will provide a longer-term security and certainty for the future of residents, commissioners, colleagues and other stakeholders.

Alongside the investment, a new Board of Directors has been appointed. Effective from 29/7 the following appointments have been made:

Chief Executive Officer – Kevin Roberts: Most recently Kevin was CEO of Voyage Care, a leading provider of learning disability and mental health services in the UK. He has also held senior positions for Four Seasons Health Care and Bupa Care Services in strategic, quality and compliance roles.

Chief Operating Officer – Alistair How: Alistair was formerly Chief Operating Officer for Four Seasons Health Care and has worked in social care for over 15 years notably at Bupa Care Services and Eden Futures.

The transaction is expected to close in Q3 and no further terms were disclosed.

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