Nursing home giant to open Dublin centre
Carechoice, the Cork-based nursing home operator that was bought last year by UK firm Emerald Investment Partners for €33m, is planning to open its second facility in Dublin.
Ireland's largest nursing home firm is expanding beyond its traditional Munster base, with its first nursing home outside the region due to open shortly in Dublin. It has also applied for planning permission to build a second nursing home in Lucan.
The facility will include 124 bedrooms and is being built on the site of an existing industrial unit that will be demolished as part of the project. Carechoice owns the site. The firm operates five nursing homes in Cork and Waterford.
One of its founders is Paul Kingston, who continues to lead the senior management team following the company's acquisition last year. It was owned by Michael Lane and his family, as well as other investors.
Emerald Investment Partners, a boutique private equity firm based in London that was founded by Alan McIntosh, also has property interests in Dublin, having taken a stake in the Fleet Street Hotel earlier this year. Emerald also co-founded Cairn Homes, the Irish housebuilder that floated on the stockmarkets in Dublin and London this year raising over €400m.
Emerald provided an initial investment of €60m in Cairn. Cairn's co-founder is builder Michael Stanley.