Healthcare firm announces latest acquisition
Manchester-based buy and build investment group Tristone Capital, through its care division Tristone Healthcare, has acquired North Wales-based care business ProCare (Wales) for an undisclosed sum.
ProCare employs 140 staff across two care homes and a community living service.
This is the second deal in the past six months for Tristone Healthcare.
The investor’s strategy is to acquire high quality businesses with strong fundamentals, delivering outstanding care and support to vulnerable people who need it most.
ProCare was founded in 2001 by Helen Shepherd and is one of the UK’s leading high acuity care businesses, providing care for individuals, between the ages of 16 and 64, who have complex support needs.
This includes people with physical and/or learning disabilities, autism, mental health disorders or acquired brain injuries and challenging behaviour. As part of the transaction Helen Shepherd will retain a minority shareholding and continue in her role as managing director.
Helen Shepherd said: “I am extremely proud of Procare’s track record in striving for excellence, and in consistently delivering high quality support to the people we care for.
“I am delighted that in Tristone we have found a new partner with the right values that are closely aligned with our own. This partnership will enable our work to continue in a way which maintains the strong reputation we have established in the communities we serve.”
Tristone founder and chief executive, Yannis Loucopoulos, said: “We have been speaking to Helen for some time and over that period it was evident that, under her leadership, the team has built a highly successful and respected company that delivers best-in-class care and support.
“ProCare fits well with our acquisition criteria, as a company which delivers outstanding services and is well-run.
He added: “We are excited to work with such an experienced management team and are looking forward to supporting ProCare’s next chapter of growth, delivering additional services and in the process creating more jobs for the local community.”
Last August Tristone Healthcare acquired a £4.5m-turnover care and education provider as part of its ongoing growth strategy. Southampton-based Sportfit Support Services offers care and education services to vulnerable young people, including those with learning disabilities and requiring supported living.
Led by Jason Whitworth and Chris Cumber, BDO provided M&A corporate finance advice and tax advisory services to ProCare. Hill Dickinson, led by Craig Scott and Elan Iorwerth, provided legal advice to the vendor.
Jason Whitworth said: “We are delighted to have worked with Helen and her team to deliver this transaction. Helen has built a business with an exceptional reputation in caring for some of the most vulnerable people in the community.
“Working with the team at Procare, Tristone will be able to support the business to develop and expand the care it can deliver. It is a fantastic outcome for all parties.”
Tristone was advised by business advisory and accountancy firm MHA Moore and Smalley, led by corporate finance director Simon Carruthers and tax partner David Bennett, who provided financial and taxation due diligence support.
Simon Carruthers said: “Yannis and his team have developed a clear strategy to combine their deep understanding of children’s, young person’s and adult social care, with established independent operators delivering high quality care outcomes. We’re delighted to have been able to assist on the transaction and achieve a positive outcome for our client through a focused approach.”