The Carechoice retirement and nursing home group has been sold to UK firm, Emerald Investments, for a figure understood to be €30 million-plus.

The group, owned by businessman Michael Lane and his family and a number of other investors, operates five nursing homes and retirement villages in Cork and Waterford.

It had profits of more than €2 million last year and earnings before interest, tax and write-offs - ebitda - were €4 million. The deal represents a multiple of close to eight times’ that figure.

Emerald is a London-based private equity firm.

At the end of last year, all Carechoice's facilities were fully occupied and hadwaiting lists. Last year, the group replaced a €9 million loan due for repayment to AIB in July 2013 with a new €7.12 million loan due to mature in June 2021.