PRINT THIS PAGE Barchester beats private equity firms to 3i's UK Westminster Healthcare20/10/2004. Source: AltAssets. 
 The furious competition for 3i's nursing home operator Westminster Healthcare has been won with a £525m bid from Irish firm Barchester Healthcare, trumping strong interest from private equity firms Blackstone, Allianz Capital Partners and Charterhouse. The sale has generated 3i a four time return and 80 per cent IRR.
Westminster has more than 5,500 beds at 88 care centres but its incorporation into Barchester will produce the biggest operator in the UK with more than 10,000 beds at 163 sites.
Ageing demographics and the fragmented state of the healthcare sector has made it a highly attractive sector for private equity firms. Blackstone recently paid £162m for Southern Cross Healthcare and Allianz paid £775m for Four Seasons.
Barchester is jointly owned by Irish financiers JP McManus, John Magnier and Dermot Desmond.
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