Bay Tree Private Equity invests in Bolton-based ABL Health
Bolton based private healthcare service provider ABL Health has been sold to Bay Tree Private Equity.
The company is commissioned by local authorities to deliver healthcare services such as weight management programmes, smoking cessation clinics, alcohol reduction advice, emotional wellbeing support, mental health services for children and young people, and preparing for cancer treatment.
The deal represents an exit for investor Foresight which first invested in ABL in 2018 with a strategy of growing regional coverage and a range of services. ABL’s co-founder and CEO, Denise Leslie was supported with Foresight’s introduction of private healthcare veteran Christopher Jessop as chair, formerly with Optima Health, Nuffield Wellbeing, BUPA and AXA PPP.
Since 2018 ABL has grown in size and has increased by over 160 employees.
During Foresight’s investment, sales and EBITDA increased by c.150%. This exit generates a 4.1x cash-on-cash return for investors in the Foresight’s £57m North-West focused Foresight Regional Investment Fund.
Bay Tree invests in UK businesses generating underlying profits between £1.5m and £10m.
Claire Alvarez, Partner at Foresight said: “It has been a pleasure to work with Denise and team over the past six years. Her team has built a leading name in community healthcare and through its work is contributing to alleviate the growing burden on the NHS. Foresight is proud to have worked alongside such a determined team and wish them all the best in their new partnership with Bay Tree.”
In the past two years, ABL has supported clients supported to achieve a positive outcome – across driving good health practices, increasing weight loss, improving physical activity, quitting smoking, and attending alcohol intervention sessions – increased by nearly 15,000 to c.50,000. It is estimated that 62% of ABL’s clients are from economically deprived areas.
Chris Jessop, Chair of ABL, commented: “ABL is a genuinely values-driven business, making a huge and important contribution to addressing health inequalities in the community. Both myself and the management team have been very appreciative of the support that Foresight has provided to foster ABL’s impressive growth over the last few years and wish the business continued success in the future.”
Anthony Ball, Mark Booth, Matt Donald, Ciaran Jaras and Rushang Bakhai and Christian Mayo fromKPMG’s corporate finance team has acted as lead financial advisor to the shareholders of ABL Health.
