Carlyle Group Inc/Akari Care Group Ltd

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Akari Care Group Ltd

Akari Care Group is the holding company for 32 residential and nursing homes across the UK through its trading brands "Akari Care" and "Akari Care Cymru".
Management of the care homes is outsourced to Healthcare Management Solutions Ltd. Oddly, even though they have managed the care homes since 2011, there is no mention of Akari Care on the HCMS website.
The Carlyle Group, a global alternative asset manager, acquired Akari Care in Jul.2016.[1]

Company

Ownership

  • CSP IV (Cayman 2) LP,

Structure

  • CSP IV (Cayman 2) LP,[1] reg. Cayman Islands Flag-Cayman-Islands.svg
    •  ?? ...
      • 63.66%: Light Acquisition LP,[2] reg. Cayman Islands Flag-Cayman-Islands.svg
        13.18%: Kevin Roberts
        10.65%: Oliver Lightowlers
        10.65%: Akari Care Employee Benefit Trust
        • Project Light Topco Ltd,[3] OC
          • Project Light Midco Ltd, OC
            • Project Light Cleanco Ltd, OC
              • Project Light Bidco Ltd, intermediate holdco, OC
                • AK (SPV) Ltd, intermediate holdco, OC
                  • Akari Care Group Ltd, intermediate holdco, was BC2 Ltd, OC
                    • Akari Care Ltd, was Bondcare Nilerace Ltd, OC
                    • Akari Care Cymru Ltd, OC
                    • Nilerace Ltd, freehold property assets, OC
                      • Akari Homes Ltd, was Bondcare Homes Ltd, OC

Related companies:
  • Riverside House (Morpeth) Ltd, was Akari Care Homes Ltd; Akari Care Ltd, OC

Timeline

  • 2017-2018: Akari Care closed 3 care homes "due to a combination of poor local fee rates and reduced rates of occupancy".
  • Oct.2017: The group refinanced its activities, raising £26m in bank loans from Yorkshire Bank + Royal Bank of Scotland. The loans were secured by the freehold land and buildings owned by the group.
  • Jan.2017: Akari Care Cymru Ltd: GRWP Cymru Homes North Ltd was acquired from US investment firm Värde Partners and US hedge fund DE Shaw & Company LP.AR-Oct.2017 The company was incorporated as "European Care (Cavendish) Ltd in Sept.2006, and was serially owned by a string of offshore companies.
  • Aug.2016: Riverside House (Morpeth) Ltd acquired the entire share capital of AK (SPV) Ltd for a nominal amount, and immediately sold the shares to Project Light Bidco Ltd for a nominal amount.AR-Oct.2016,AR-Oct.2015
  • 2015-2016: Four care homes were sold.
  • Nov.2012: Akari Care Ltd's intermediate holdco Akari Care Group Ltd (was BC2 Ltd), was sold to AK (SPV) Ltd.
  • Oct.2012: Akari Care Ltd: Bondcare Nilerace Ltd changed its name. Shareholder: BC2 Ltd; UP = Finsbury Trust Corporation Ltd, reg. Gibraltar.

Bondcare Homes Ltd

Bondcare owned 74 homes across England and Scotland, with 39 of them operated by Southern Cross plc. It had loans of £189m, largely secured against its property portfolio, but its assets were outweighed by its borrowings.[2] After Southern Cross collapsed, the 39 homes were operated by Healthcare Management Solutions Ltd, a company with common directors. The freeholds were owned by Nilerace Ltd.


  • Feb.2013: Akari Homes Ltd: Bondcare Homes Ltd changed its name.
  • Nov.2012: The business was demerged from the Bondcare Group, with BC2 Ltd and its subsidiaries being sold to AK (SPV) Ltd, including Bondcare Homes Ltd. Bondcare Homes' trade, assets and liabilities were transferred to Nilerace Ltd at year end, and Bondcare Homes ceased trading.[3]
  • Oct.2012: Akari Care Ltd: Bondcare Nilerace Ltd changed its name.
  • Jun.2012: BC2 Ltd, Bondcare Homes' UK parent company, was put into ‘fixed charge receivership’, allowing its directors to be replaced with turnaround specialists.
  • Oct.2011: Bondcare Nilerace Ltd: a new subsidiary was incorporated in Aug.2011, and management of the care homes was transferred to it. Shareholders were SDG Registrars Ltd, + Bondcare Management Services Ltd. Shareholder post-Aug.2012: BC2 Ltd.CH
  • Jul.2011: Southern Cross Healthcare announced its cessation as the operator of Bondcare's 39 care homes. Bondcare's directors decided to retain control.
  • Nov.2009: £176m loan, secured on the group's investment properties.
  • Mar.2008:
    Shady-Deals.svg
    Bondcare Homes Ltd granted Brisbane Holdings Sarl (reg. Luxembourg) an option to acquire its freehold investment properties, with the option expiring in Mar.2029. This gives Brisbane Holdings the opportunity to buy the properties at below-market prices, and benefit from Luxemburg’s lower taxes.[2]
  • Nov.2007: Outsourcing: Bondcare Homes Ltd sold its care home business and "certain assets" as a going concern to Southern Cross BC Opco Ltd.OC Bondcare then also entered into a long-term agreement with Southern Cross to lease its freehold properties.
  • Dec.2004: Bondcare Homes Ltd: Helen McArdle Care Ltd changed its name. IP: Nilerace Ltd; UP: BC Ltd; CP: Finsbury Trust Corporation Ltd.
  • Nov.2004: Nilerace Ltd acquired Helen McArdle Care Ltd from its founders, JH McArdle and M McArdle.
  • Oct.2004: Nilerace Ltd was incorporated. Sole shareholder was BC2 Ltd, itself owned by BC Ltd, controlled by Finsbury Trust Corporation Ltd, reg. Gibraltar.CH
  • Jun.1997: Helen McArdle Care Ltd was incorporated, to operate and manage residential and nursing homes, caring for the elderly.CH

References

  1. ^ Carlyle Aquires Akari. Press Release, The Carlyle Group., Jul.29.2016.
  2. ^ a b Britain's biggest Care Home owners have debts of more than £4.5bn. An investigation by Corporate Watch and The Independent established that 3 of the top 10 companies, which own around 800 homes, have been rated as risky by leading credit agencies over concerns about their ability to pay off their large debts in the tough economic climate. Corporate Watch, Nov.06.2012.
  3. ^ Bondcare says business is financially sound. The receivers told CCMn that the move to dissolve the holding company of Bondcare Nilerace was made to enable the directors to transfer this company, which manages 39 former Southern Cross care homes, to Healthcare Management Solutions, which operates a number of care homes in the Midlands and Wales. Laing Buisson, Nov.16.2012.

Articles

  • Mar.25.2013: Shock failures of North care homes revealed. Malnourished residents, inedible food, dirty surfaces and the wrong dosages of medicine given out. Home-owner Bondcare Nilerace Limited was issued with a warning, telling them to improve or face further action. Alastair Craig, Chronicle Live.
  • Jun.2012: Home owner Bondcare Nilerace Ltd were issued with a formal warning, telling them to improve or face further action.ref