Downing successfully exits six-year partnership with leading elderly care provider MACC Care

27/7/23
5 min
Social care
News

We are delighted to announce that we have successfully exited our six-year partnership with MACC Care, one of the UK's leading elderly care providers.

The partnership with MACC Care, which operates a network of luxury care homes across the Midlands, saw Downing provide around £70 million in funding for acquisitions, refurbishment and development across six care homes that collectively provide 454 beds, including two with close care retirement living apartments, and two further development sites.

Overall, MACC Care - which was founded by two practicing doctors in 2004 - operates 13 care homes with more openings planned this year and employs 750 staff looking after 831 residents.

Downing first invested with Birmingham-based MACC Care in 2017 after identifying the company as a high-quality care home operator and developer. The management team is focused on strong growth, along with the objective of addressing the undersupply of high-quality care home beds.

The investment, structured across numerous transactions, has helped MACC Care to scale up and create an enviable estate of modern purpose-built care homes and has delivered attractive risk-adjusted returns for Downing’s investors during a low-interest rate environment.

Mark Gross, Partner and Head of Development Capital, Downing LLP, said: “Our six-year partnership with MACC Care marks a successful period for both of us. Throughout the partnership, we have been impressed by the quality and specification of the sites being developed as well as the level of care provided.”

“As a certified B Corporation, we are delighted to have helped develop a market-leading provider of elderly care, delivering much-needed fit-for-purpose care beds into the West Midlands market and created new local employment opportunities.”

“We wish the management and employees of MACC Care all the very best for the future as they embark on their next stage of growth”.

Find out more about the Development Capital team

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We are delighted to announce that we have successfully exited our six-year partnership with MACC Care, one of the UK's leading elderly care providers.

The partnership with MACC Care, which operates a network of luxury care homes across the Midlands, saw Downing provide around £70 million in funding for acquisitions, refurbishment and development across six care homes that collectively provide 454 beds, including two with close care retirement living apartments, and two further development sites.

Overall, MACC Care - which was founded by two practicing doctors in 2004 - operates 13 care homes with more openings planned this year and employs 750 staff looking after 831 residents.

Downing first invested with Birmingham-based MACC Care in 2017 after identifying the company as a high-quality care home operator and developer. The management team is focused on strong growth, along with the objective of addressing the undersupply of high-quality care home beds.

The investment, structured across numerous transactions, has helped MACC Care to scale up and create an enviable estate of modern purpose-built care homes and has delivered attractive risk-adjusted returns for Downing’s investors during a low-interest rate environment.

Mark Gross, Partner and Head of Development Capital, Downing LLP, said: “Our six-year partnership with MACC Care marks a successful period for both of us. Throughout the partnership, we have been impressed by the quality and specification of the sites being developed as well as the level of care provided.”

“As a certified B Corporation, we are delighted to have helped develop a market-leading provider of elderly care, delivering much-needed fit-for-purpose care beds into the West Midlands market and created new local employment opportunities.”

“We wish the management and employees of MACC Care all the very best for the future as they embark on their next stage of growth”.

Find out more about the Development Capital team

We are delighted to announce that Mark Gross, Partner and Head of Development Capital, has been named Equity Investor of the year at the HealthInvestor Power List 2024 Awards.

Following Mark’s achievement last year when he won the “Leading Investor” award at HealthInvestor’s Power50, this year’s win further highlights his continued success and expertise in investing across the healthcare sector. 

The judges praised Mark for finding success both in value and volume this year, delivering good returns and growth. They were impressed by how Mark has continued to strengthen a strong track record with further growth in the team and new funds securing further backing. We extend our thanks to Mark and the Downing Development Capital team for their continued dedication and support in expanding our healthcare investment activities with a focus on quality, performance and reputation. 

Congratulations Mark!

Development Capital  

Downing Development Capital is an award-winning investor focused on investment opportunities into asset-backed operating businesses with downside protection. Typical sectors they invest in include healthcare, specialist education, hospitality, leisure and IT infrastructure.

Learn more about our Development Capital team

We are delighted to announce that we have successfully exited our six-year partnership with MACC Care, one of the UK's leading elderly care providers.

The partnership with MACC Care, which operates a network of luxury care homes across the Midlands, saw Downing provide around £70 million in funding for acquisitions, refurbishment and development across six care homes that collectively provide 454 beds, including two with close care retirement living apartments, and two further development sites.

Overall, MACC Care - which was founded by two practicing doctors in 2004 - operates 13 care homes with more openings planned this year and employs 750 staff looking after 831 residents.

Downing first invested with Birmingham-based MACC Care in 2017 after identifying the company as a high-quality care home operator and developer. The management team is focused on strong growth, along with the objective of addressing the undersupply of high-quality care home beds.

The investment, structured across numerous transactions, has helped MACC Care to scale up and create an enviable estate of modern purpose-built care homes and has delivered attractive risk-adjusted returns for Downing’s investors during a low-interest rate environment.

Mark Gross, Partner and Head of Development Capital, Downing LLP, said: “Our six-year partnership with MACC Care marks a successful period for both of us. Throughout the partnership, we have been impressed by the quality and specification of the sites being developed as well as the level of care provided.”

“As a certified B Corporation, we are delighted to have helped develop a market-leading provider of elderly care, delivering much-needed fit-for-purpose care beds into the West Midlands market and created new local employment opportunities.”

“We wish the management and employees of MACC Care all the very best for the future as they embark on their next stage of growth”.

Find out more about the Development Capital team

Downing successfully exits nine elderly care homes in sale and leaseback transaction
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Torsten Mack, Investment Director at Downing, said:

"We are proud to support this exceptional management team, whose strong track record positions them well to build a new business in dementia care. This needs-based sector is underpinned by a lack of quality supply and we are investing in Fortava Healthcare to set and deliver high standards, and to help make a difference."

Johann van Zyl, CEO at Fortava, added:

"I’m thrilled to be working with Jamie, as we share the same values. We plan to grow Fortava into a leading provider of dementia care over the next five to seven years. But growth isn’t our primary focus—our goal is to deliver outstanding care and foster a joyful, supportive environment for both residents and staff. We’re delighted to be partnering with Downing who also share our values and we look forward to this journey with them."

Jamie Stuart, CFO at Fortava, commented:

“For me, it's about being more than just another care home provider. While dementia care in the UK is generally of a good standard, we want to set ourselves apart with a fresh approach. That’s why, after over 25 years in banking, I chose to partner with Johann and Downing on this venture.”

We are delighted to announce that we have successfully exited our six-year partnership with MACC Care, one of the UK's leading elderly care providers.

The partnership with MACC Care, which operates a network of luxury care homes across the Midlands, saw Downing provide around £70 million in funding for acquisitions, refurbishment and development across six care homes that collectively provide 454 beds, including two with close care retirement living apartments, and two further development sites.

Overall, MACC Care - which was founded by two practicing doctors in 2004 - operates 13 care homes with more openings planned this year and employs 750 staff looking after 831 residents.

Downing first invested with Birmingham-based MACC Care in 2017 after identifying the company as a high-quality care home operator and developer. The management team is focused on strong growth, along with the objective of addressing the undersupply of high-quality care home beds.

The investment, structured across numerous transactions, has helped MACC Care to scale up and create an enviable estate of modern purpose-built care homes and has delivered attractive risk-adjusted returns for Downing’s investors during a low-interest rate environment.

Mark Gross, Partner and Head of Development Capital, Downing LLP, said: “Our six-year partnership with MACC Care marks a successful period for both of us. Throughout the partnership, we have been impressed by the quality and specification of the sites being developed as well as the level of care provided.”

“As a certified B Corporation, we are delighted to have helped develop a market-leading provider of elderly care, delivering much-needed fit-for-purpose care beds into the West Midlands market and created new local employment opportunities.”

“We wish the management and employees of MACC Care all the very best for the future as they embark on their next stage of growth”.

Find out more about the Development Capital team

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