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Management trio team with equity firm to buy care home specialist

Written by News Desk

Thursday, 17 April 2008

Three directors at a residential care provider for the elderly are set to benefit from the anticipated growth in its market by participating in a £75 million buy-out. Healthcare Homes, which controls 21 sites in Suffolk, Norfolk, Cambridgeshire and Bedfordshire, is now part-owned by chief executive Richard Clough who says he plans to grow the business through targeted acquisitions. Private equity firm Bowmark Capital has bought the majority of shares from previous shareholder August Equity, which first invested in the business three years ago. Clough joined in the buy-out with finance director Graham Lomer and head of operations, David Bates, who take a minority stake after winning the backing of Bowmark Capital.   This is not the first time Clough has worked with Bowmark as he has been a part of its previous investments in learning disability care provider Regard Partnership, drug and alcohol testing services group Medscreen and health and social care specialist Care UK. Bowmark partner Kevin Grassby invested £35 million for a majority interest in the company, with senior debt provided by Royal Bank of Scotland. Clough said Bowmark and RBS will provide further funds to enable management to grow the business through acquisitions and extending its existing homes. Grassby, who was supported by Mark Salter, Ron Pearson and David Torbet, added that the buy-out team has a proven track record of building and running businesses in the sector. “Management have already identified an attractive pipeline of potential acquisitions, and we are excited at the prospect of working with the team to build a national private-pay business,” he added. Healthcare Homes provides nursing, residential and day-care services to the elderly as well as to younger adults with physical disabilities. It has more than 800 residential beds and 200 day-care spaces. Set as favorite Bookmark Email This Hits: 448 Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Write comment This content has been locked. You can no longer post any comment.

 

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