Southern Cross Healthcare

By the time that Lyceum Capital sold Southern Cross in September 2004, it was acknowledged to be one of the best managed healthcare groups and was the fourth largest provider in the UK residential long-term care market for both the elderly and enduring mental health patients. This growth had been driven by internal growth (new unit openings) and by completing two significant acquisitions, Intercare and Eastwood, to establish a leading position in care for patients with learning disabilities. The group has subsequently grown through acquisition to become the largest operator in the UK and listed on the London Stock Exchange in 2006. 

At the time of acquisition, Southern Cross operated 141 specialist elderly care facilities. By the time Lyceum sold the group, it operated 160 facilities, had added nearly 700 beds to the 7,600 at acquisition and employed around 10,000 people.

In addition to elderly care (senior living and rehabilitation services), the business had built up its specialist healthcare services business to patients suffering from acute psychiatric problems, brain injuries and learning disabilities. Under Lyceum's ownership, this division had expanded to become the fourth largest provider of such services in the UK.

In 2004, Southern Cross was sold for �167 million to Blackstone Capital Partners who have endorsed the quality of the Southern Cross group by using it as a platform to make three further acquisitions, more than tripling its facilities to 587 sites.

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