Ditchley Group, formerly iNua Health, announced, 03 May ’16, that it has completed the acquisition of Ocean View Nursing Home, Tralee, Kerry. Following extensive due diligence on a number of potential acquisition targets, Ditchley Group have proceeded with the purchase of the Kerry nursing home as its first acquisition.
John Minihan, Ditchley Group CEO says “We are delighted with the investment in Ocean View Nursing Home as it is exactly the type of nursing home that we have been looking to acquire. It has with an excellent track record in the provision of elderly care and will effectively allow us establish ourselve in the sector”.
McCullagh Wall, the Cork based law firm, advised Ditchley Group on the acquisition.
Nursing Home Investment
In October 2014, iNua Partnership, a specialist Irish investment firm that connects available capital with strong investment opportunities across different sectors, launched iNua Health; a nursing home investment vehicle to provide investor opportunities around Ireland’s increasing demand for long-term residential nursing home beds. Having provided a platform to launch an entry into the nursing home market, an exclusive brand specific to iNua’s nursing home investment activity was created; ‘Ditchley Group
CEO of iNua Partnership and Chairman of Ditchley Group, Noel Creedon says “As part of the continuing expansion of iNua, the creation of the Ditchley Group brand and the acquisition of Ocean View Nursing Home fits seamlessly into our long term plans. Ocean View Nursing Home represents the first stage of an exciting growth strategy for Ditchley Group. The aim will be to expand the portfolio through further acquisition of additional nursing homes in the coming months.“
Ocean View Nursing Home
The purpose built home is beautifully situated in Camp, overlooking Tralee bay with the Slieve Mish Mountains as the perfect backdrop. The nursing home caters for both long and short term/respite care, with convalescence an essential part of its business.
CEO John Minihan continued; “Ocean View Nursing Home is a nursing home of high standard with an experienced management team that will remain in place. The Home is fully HIQA compliant and we look forward to working with the staff to ensure we continue to provide the highest level of person centred care, support and respect for older people.”
Demographic Time Bomb
Ireland is facing a population ‘bulge’ crisis as reported in an independent, fact-based review by Nursing Homes Ireland (NHI) & BDO of the Irish Nursing Home Sector *. In its 2013 population projections, the Central Statistics Office (CSO) estimated that the number of people aged 65 years+ will increase by 62% to over 860,000 persons by 2026 and could reach over 1.45 million persons by 2046.
In line with this, industry experts estimate a major shortfall in the number of nursing home beds with an additional 1,000 new beds required every year for the next ten years – the equivalent of 100 new nursing homes.
* additional reports have been produced since for the Department of Health on ‘Potential Measures to Encourage Provision of Nursing Home & Community Nursing Unit Facilities’ and ‘The Fair Deal Scheme’