Hedge Fund Picks Up British Care Homes Co.

Feb 20 2014 | 9:14am ET

Hedge fund Anchorage Capital Group has taken control of a major British care homes operator from Lloyds Banking Group.

Anchorage has bought about £80 million in debt from Lloyds to become the "cornerstone shareholder" of New Century Care. The deal was arranged by NCC's management, which introduced Anchorage to Lloyds. The three sides have been in talks for several months, according to Sky News.

"ACG will work alongside NCC's founder, Paul Warren, who will retain a significant stake in the company, to support the growth and development of the business," Anchorage said.

There will be no layoffs or closures of any of NCC's 27 sites as a result of the new ownership.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

Often seen as a passion project, or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment.