Golden House Limited and Ravad Limited (both publicly listed companies) have acquired 13 elderly care homes operated by LRH Homes for a purchase price of over £70m. BDO undertook financial due diligence for Golden House Ltd and Ravad Ltd. LRH Homes has homes across the South of England and its acquisition adds to the homes it owns and operates through St Cloud Care with homes in Surrey, Oxfordshire and Worcestershire. The finance to assist in the acquisition was provided by Barclays Bank plc and RBS plc.
Golan Rubinstein, director of Golden House Ltd and Arnon Rubinstein, director of St Cloud Care, who will lead the day to day operations, commented, "This acquisition is an ideal investment to add to our growing portfolio of real estate care homes. LRH Homes has been built as a family business with a clear set of values and ethos and we look forward to working with the staff to further develop and grow the company over the long term”.
“We were delighted with the support we received from BDO during this complex transaction. BDO demonstrated their commitment at every stage and provided invaluable assistance in a sector they know well. We look forward to working with them again.”
Oron Costtrici, Chief Financial Officer