Mon, 26 Apr 2010 | BUSINESS SALE
Rutland Partners has announced it is selling off the nursing care provider it purchased from Bupa for £9 million in 2005.
Advantage Healthcare Group is expected to go on the market for around £50 million, which would produce a handsome return for Rutland Partners, a business turnaround firm.
In the most recent full accounting year for which there are results (2008), the firm made profits of £2.5 million on sales of £32.5 million.
Rutland is a specialist in reversing the fortunes of struggling businesses. Possible advisers being lined up for the nursing business are Merrill Lunch, Morgan Stanley, JPMorgan, NM Rothschild and Goldman Sachs.
The nursing firm is based in Telford, Shropshire, and has around 24 offices nationwide employing around 6,500 people.
The business supplies the NHS with temporary doctors and nursing staff. It also provides staff to private hospitals. Clients include residential homes, GP surgeries, charities, the UK Forces and patients at home.
Advantage Healthcare was established in 1998, and is, according to the website, one of Britain's leading providers of health and social care workers. It acquired Quantica Healthcare in October 2006, adding qualified social workers to its wide range of healthcare related-staff offered.
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