Public offering of shares in Iceland Seafood International

Kvika leads a group of investors investing in healthcare companies in the UK

Wednesday 03. október 2018

Kvika has completed an investment project in the UK in which it led a group of domestic and foreign investors in the acquisition of a majority stake in the British company Cornerstone Healthcare. The company runs two nursing homes in South England and specialises in servicing individuals who suffer from degenerative brain diseases.

The acquisition is made in close collaboration with Kvika’s partners in the UK and amounted to over GBP 20 million, which is equivalent to ISK 3 billion. A highly experienced team of executives have been hired to run the day-to-day business of the company.

Cornerstone Healthcare was founded in 1990 by the Sargent family, who have managed both nursing homes from the beginning. The nursing homes South Africa Lodge, which is located close to Portsmouth, and Kitnocks House in Southampton, have of more than 150 nursing beds. The family has now sold the homes to the group of investors, who plan to expand the company through the purchase of more nursing homes in the coming years.

Gunnar Sigurdsson, Managing Director of Kvika in the UK:

The investments are consistent with Kvika’s policy of seeking interesting investment opportunities in the UK. Cornerstone is a well-run company and we saw that as a good foundation for the business plan which the investors have drawn up with the strong team of executives who have now taken over the management of the company. Based on current demand there is a great shortage in the supply of specialised services for people who suffer from degenerative brain diseases in the UK. This is therefore a great opportunity for our group of investors to increase the services which the company offers with more investments in new nursing spaces.