US private equity firm to make bid for Craegmoor Healthcare

Source: Healthcare Digital

Date :23/06/2008 15:55:13

Advent International Corp., a Boston-based private equity firm, is on the verge of entering exclusive discussions to buy Craegmoor Healthcare for around £300million.

TDR Capital LLP, another buyout firm and one of Advent's main rivals in the auction for the nursing home group, withdrew its interest on Friday, June 20, after it was asked to raise its offer.

Meanwhile, banking sources said Advent, which is being advised by Citigroup, raised its offer for Craegmoor, owned by LGV Capital, a unit of Legal & General Group plc, at the end of last week.

The raised bid could lead to Advent being picked as the preferred bidder for Craegmoor, one of the Britain's biggest care home providers.