Browne Jacobson has advised the seller of Runwood Homes on the £615m sale of its portfolio of 55 care homes to a major healthcare operator and investor.  

The UK and Ireland law firm acted as sole legal adviser to the seller on the deal, in which Omega Healthcare Investors, a US real estate investment trust with a 1,100-home global care home portfolio, and Foundation Partners, an investor in operational real estate and asset-backed operating businesses, acquired the portfolio. 

Runwood Homes was founded by Gordon Sanders 40 years ago, with the elderly care business growing to 55 care homes and 3,930 registered beds across England. Runwood Homes will now be managed by Evera Living, Foundation Partner’s care platform.

The Browne Jacobson team was led by Ross Davidson, Partner in the Belfast office who has acted for Runwood for 15 years and advised on the disposal of its Northern Ireland portfolio last year; Vicky Tomlinson, Partner and Head of Independent Health and Care; Richard Cox, Partner and Head of Corporate; and Victoria Thourgood, Partner and Head of Health Real Estate.

They were supported by specialists across the corporate and property teams, including Chiara Howfield (Principal Associate, Corporate), Benedetta Cocconi (Associate, Corporate), Susan Voice (Partner, Property), Raymond Duddy (Partner, Corporate), Rowan Gibney (Principal Associate, Banking and Finance), Craig Thomas (Partner, Tax), and Matthew Kenwood (Partner, Real Estate).

Ross Davidson, Partner in the Belfast office at Browne Jacobson, said: “Runwood Homes is an outstanding business, built over four decades through a clear commitment to high-quality care and the dedication of its people. Its scale, reputation and strength are testament to the vision of Gordon Sanders and the team who have developed the business into one of the UK's leading care home groups.

“I have hugely enjoyed working with Gordon and the wider Runwood management team over the last 15 years, culminating in the completion of this disposal.”

Vicky Tomlinson, Partner and Head of Independent Health and Care at Browne Jacobson, added: “It has been a privilege for our team to support Gordon Sanders and the wider team on such an important transaction for the independent health and care sector. This demonstrates the continued appetite from international investors for high-quality UK care businesses and the opportunities that exist for those willing to take a long-term view of the market.

“Our work on this deal reflects the breadth of complex legal support we can provide, bringing together our corporate, independent health and care, and real estate teams from across our office network to deliver a successful completion of this significant transaction.”

Commenting on the transaction, Gordon Sanders, CEO and founder of Runwood Homes Senior Living, said: “Developing Runwood Homes has been an extraordinary journey and one of which I am immensely proud. From the outset, I have always believed in putting quality first and, above all, that our people are at the heart of our business.

“I am incredibly proud of everything Runwood Homes and our dedicated team have achieved over the years. Today, the company is operating from a position of strength, both financially and from a regulatory perspective, which is a testament to the commitment and hard work of everyone across the organisation. As Runwood Homes enters its next chapter, I would like to extend my very best wishes to Omega and Foundation and wish them every success for the future.”

HNH Partners acted as financial and tax advisers to the shareholder of Runwood Homes.

Browne Jacobson’s independent health and care team includes more than 200 specialist lawyers advising on the full range of legal matters affecting providers including M&A, finance, regulation, employment, immigration, real estate, commercial contracts, disputes, claims and inquests. 

Recent transactions it has supported include advising the shareholders of CF Group on its disposal to Keys Group in a key deal for the children’s services sector;  Medina group on the disposal of part of its group to dementia and complex care provider Fortava Healthcare; Endurance Capital on its investment into Forge Care, supporting its investment in the UK children’s care market.