Children’s care business acquired in £11m deal
A Midlands children’s care business has been acquired from security services group G4S in a deal worth more than £11m.
Employee-owned education, employment, training and care provider, Prospects has paid £11.4m for Northampton-based homes2inspire.
The homes2inspire business provides tailored education programmes, training and care services to more than 80 young people in 18 homes across the Midlands as part of a series of contractual agreements with local authorities.
While predominantly in the East Midlands, the business also has homes in Staffordshire and Worcestershire.
As part of the transaction, all employees including senior management at homes2inspire will transfer to the Prospects Group.
Nick Bell, group chief executive, Prospects said: “Our purpose in Prospects is to inspire people to develop their full potential. We are delighted to have acquired the homes2inspire business and see this as a core part of our growth strategy to support more young people every year. (The) homes2inspire (business) will give us a basis for further development in the social care market and we look forward to working with all of our new colleagues.”
Law firm Trowers & Hamlins advised on the deal.
Partner Nick Harrisingh, who led the legal team, said: “It has been extremely rewarding to work on this acquisition for The Prospects Group for the expansion of services to support vulnerable young people and children across England. The transaction will provide a great platform for the business to grow and flourish, and we look forward to our continued work with Prospects and its future business plans.”
Mr Harrisingh was supported by Daniel Smith, Georgina Savill-James, Melanie List and Helen Fysh as part of the wider legal team at Trowers & Hamlins.