The Corporate Finance team of North West accountants Cowgill Holloway has completed the sale of Educare Adolescent Services Limited (Educare) to Horizon Care, backed by NBGI Private Equity, for an undisclosed amount.
Operating across the Midlands, Educare works with local authorities across England and Wales, providing high quality residential care and education services to children and adolescents with complex needs including emotional and behavioural difficulties and special educational needs. Established in 1995, the business has a turnover of approximately c.£10m, employs over 300 staff and currently runs twenty-one homes and four day schools.
Cowgill Holloway Corporate Finance team has been working closely with the exiting shareholders, Brian Scanlon and Glyn Condliffe for the last four years to drive the business performance and prepare the business for sale.
Ian Johnson, Head of Cowgill Holloway’s Corporate Finance team, who led the assignment, commented: “We have closely supported the development of Educare over a number of years and we are delighted to assist the shareholders in achieving a successful disposal of the company to an acquirer seeking to develop a leading child care business. This transaction further reinforces our presence in the healthcare sector in which we continue to be very active.”
Brian Scanlon of Educare said: “We are delighted by the energy and expertise of the Cowgill Holloway Corporate Finance team. They worked hard to help us develop the business over the last four years resulting in an optimum price for the company. Their knowledge of the sector, together with the legal advice and support provided by Craig Scott and Mike Murphy at Hill Dickinson was invaluable in delivering a sale which allowed us to exit from our life’s work.”
Craig Scott (Partner) and Michael Murphy (Associate) from Hill Dickinson’s Liverpool office worked with Cowgill Holloway acting for the vendors. Pinsent Masons LLP and Hazelwoods LLP advised the buyer. The deal was funded by NBGI Private Equity and The Co-operative Bank.
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