Hyde-based Meridian Healthcare, which has 30 sites across Yorkshire and the North West, has been acquired by HC-One, a business led by the former boss of Priory Health Clinics Dr Chai Patel (pictured) and backed by US healthcare investor Formation Capital.
Financial terms were not disclosed but weekend reports valued the deal at close to £100m.
The deal was concluded on Friday, which marked the last day at the helm for Alan and Susan Firth, Meridian's long-serving executive chairman and managing director, and finance director Barry Brooks.
Meridian is currently the 32nd largest care provider in the UK, with an annual income of £32.9m and pre-exceptional earnings of £13.5m in 2014. The majority of the 30-strong portfolio are former local authority homes, but the Firth's have also invested in some high quality facilities over the last five years.
HC-One said the Meridian brand would be retained and there will be no changes at the homes or with the senior management team, led by new managing director Paul Keys.
The acquisition of Meridian forms part of HC-One’s plans to acquire further homes and diversify the care provided to include retirement villages, residential, nursing and home care.
In November 2014, HC-One was acquired by Formation Capital, Safanad and Court Cavendish in a £477m deal that has brought new investment.