Aperee, the nursing home operator founded by Cork-based investments firm BlackBee Group, has hired healthcare industry veteran Henry Burrows as its new chief executive, following the exit of its previous head after an ownership row was settled.
The appointment is seen as paving the way for BlackBee, led by founder and chief executive David O’Shea, to lead a €100 million bid to take out debt investors in 12 operating nursing homes and two facilities under development. Ten of the 12 homes are managed by Aperee, with the other two operated by third parties.
“With Henry at the helm, we firmly believe that we will grow Aperee Living from a mid-sized operator into one of Ireland’s largest operators,” said Mr O’Shea, who is also a director of Aperee.
BlackBee, which was founded in 2014, accumulated the nursing home assets initially by investing in the Ditchley group of homes with facilities in Counties Cork and Clare, and then under the Aperee franchise, headed by chief executive Paul Kingston. BlackBee took over the management company involved in the Ditchley homes in 2020 and gave the contract to Aperee.
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BlackBee hired PwC in late 2021 to find a buyer for the nursing homes. However, talks with a European investment fund hit a hurdle when Mr Kingston and Aperee’s chief financial officer, Hazel O’Connor, asserted they had a 40 per cent interest in various Aperee companies.
A look ahead to 2023
The dispute ended up before the High Court last May, but was subsequently settled. Mr Kingston and Ms O’Connor left the business in November.
The Irish Times reported in October that BlackBee Group was planning a bid for the nursing homes, co-funded by a small group of investors and bank debt, that would see investors in the homes being redeemed at par and receiving any interest due. The small number of equity investors in some of the properties will be offered a chance roll over their investment into the planned bid vehicle, sources said at the time.
This remains the plan, according to sources. The portfolio, which currently has about 790 beds, will rise to more than 1,000 next year on completion of the two planned homes. Further expansion is also envisaged by Aperee.
Mr Burrows has worked in the nursing home sector for almost two decades. He was most recently a consultant to the group chief executive of the Bon Secours Health System, advising on strategy, particularly nursing home strategy.
Meanwhile, a wider restructuring of BlackBee Group saw it agree late last year to sell its book of regulated investments, with €250 million of assets under management, to UK-based Aria Capital Management.
