Investor exits residential care business
Orbis Partners has agreed the £12m sale of Homes Caring for Autism (HCA) to nationwide learning disability provider Care Management Group (CMG).
Its investment vehicle, Intrinsic Equity, has held a significant minority stake in HCA since 2009. It enabled the residential care business to move out of RBS’s controversial global restructuring group (GRG) and has supported its expansion.
HCA is now a group of 10 care homes based across Somerset, North Somerset and Wiltshire, specialising in residential care for young adults with complex needs arising from autism. Turnover has grown from £2m in 2009 to £10m.
Richard Smith, who founded the business in 2003 and remained the majority shareholder, said: “We have been on a long journey with James and the Intrinsic team; their continual support and advice has helped to make our business stronger and more valuable.
“We had a range of serious offers from credible acquirers; CMG were carefully selected to continue the work we had started and provide long-term support to the people HCA care for.”
CMG specialises in supporting people with learning disabilities and particularly complex needs, including autistic spectrum conditions, mental health needs, challenging behaviour, profound and multiple learning disabilities and associated complex health needs.
James Grenfell, principal at Intrinsic Equity, added: “We are proud to have supported Richard and the amazing team at HCA to deliver high levels of complex care in a safe and professional environment. We are pleased to have concluded the sale to CMG who will enable the business to continue to support young adults in challenging situations.”
The HCA shareholders were advised by Shah Zaki and Peter Bull from Orbis Partners and legal advice was provided by Simon Gill and Matt Smith at Gateley plc.
