Tue, 01 Feb 2011 | BUSINESS SALE
Education and care provider Advanced Childcare is in exclusive talks with private equity firm GI Partners, and is thought likely to change hands within weeks.
Advanced Childcare appears to be close to a sale, having been on the market since September last year with a price tag of £30 million.
Founded by chief executive Riz Khan in 1996, the Stockport-based group provides care to teenagers with behavioural, social and emotional challenges. It runs several care homes, a special school and fostering agencies.
GI Partners already owns The Cambian Group, a service provider to children and adults with mental illnesses and autism, and Care Aspirations, which caters to all people with learning difficulties.
The anticipated new owner is thought likely to expand the specialist care service by opening more homes.
A source commented: “There were several bidders but GI Partners offered the best deal. It has experience of the sector and sees an opportunity for expansion.”
Revenues at the group for the year to 30 September 2010 reached £15 million, and its operating profits stood at £2.8 million. These figures were up from £11 million and just under £1 million for the previous yearly accounts.
These increases are attributed to higher occupancy levels and the opening of more care homes.
Advanced Childcare’s present owner, Bowmark Capital, is now also considering a sale of its Kisimul care homes for £100 million.
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