Rix & Kay have completed the sale of Independence Homes Ltd to The Montreux Healthcare Fund in a deal that will add £7.25m EBITDA to Montreux’s platform asset, Active Assistance. The sale will transform the shape of the acquiring business by adding c.£60m of freehold property to Active’s balance sheet, and offers the opportunity to increase EBITDA as synergies are implemented across the merged organisation.
Independence Homes Ltd is the foremost epilepsy care provider in the UK and cares for c.200 individuals with a broad spectrum of disabilities. The business has significant presence around the South East of England and scope to increase occupancy in the short term by the filling of unused capacity.
Offering a diversity of residential and supported living placements, Independence Homes adds to the residential component within Active Assistance, providing a more diverse asset base whilst also continuing to operate in the growing home care space.
Sara Carpenter, Head of Corporate at Rix & Kay commented,
“We have been delighted to lead an advisory team made up of healthcare experts across the region, to secure a successful sale for the shareholders of Independence Homes. The sellers’ determined efforts to build the business through sustainable growth and portfolio expansion across the South East since its inception have culminated in this rewarding sale. For Rix & Kay, it’s another prominent endorsement of our credentials in the care provider and healthcare sector and follows on from the sale of Broadham Care to national provider Elysium Healthcare that we recently completed”.
Oliver Harris, CEO, Montreux Capital Management (UK) stated:
“Independence Homes is a large strategic acquisition for the portfolio. It will enable the Fund to bolster its freehold assets, a stated aim of our strategy since we acquired the Active Assistance in January this year. The business brings a wealth of opportunities to develop new sites, engender efficiencies, and drive EBITDA upward. Independence Homes should deliver significant value to our investor base alongside other businesses the Fund is seeking to acquire in Q1 2019. We plan to transform Active Assistance into one of the largest specialist care providers in the UK before the end of next year.”
Montreux and Active Assistance were advised by Gowling WLG (Legal) and by Crowe (Accounting and Taxation), whilst the shareholder of Independence Homes Ltd were advised by Rix & Kay Solicitors (Legal), Richard Nunn of Richard Nunn Associates Ltd (Corporate Advisory) and Kingston Smith (Accounting and Taxation).