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Eden Supported Housing Ltd in IBO transaction led by Cowgill Holloway LLP

th September 2010
The corporate finance team of leading accountants and business advisers, Cowgill Holloway LLP, has announced the sale of Eden Supported Housing Ltd (“Eden”) to Sovereign Capital (“Sovereign”) for an undisclosed sum.  The Nottinghamshire-based business is one of the largest independent supported living businesses in the UK employing 560 staff.
The deal allows the founding shareholders (Will Jackson, Linda Jackson, Kate Nichol-Smith and Mick Nichol-Smith) to sell the business to Sovereign and a management team led by Managing Director, Paul Adcock.   Mick Nichol-Smith remains alongside the management team.  The shareholders, who were advised by the corporate finance team at Cowgill Holloway LLP, have decided to exit the business after 16 years.
Since its inception in 1994, Eden has grown to provide flexible long-term support to tenants with learning disabilities and physical or mental health needs.  It also provides supported living options for those individuals with more complex or challenging needs and a homecare service for people in their own homes.  The business supports over 250 service users who live in their own homes in Newark, Worksop, Nottingham, Mansfield and Rotherham areas.
Ian Johnson, the Cowgill Holloway Corporate Finance Partner who structured and led the deal, commented: “We have worked closely with the shareholders and the management team to secure the Institutional Buy Out and we are delighted with the outcome. The Buy Out will support the clear vision of the management team and allow the business to enjoy significant further growth and success. The transaction satisfies the aspirations of the vendors, as well as ensuring that the management team and Sovereign are well positioned to achieve their long-term goals.”
Eden’s Property Director, Mick Nichol-Smith, who jointly founded the business said: “This deal is great news for the business, our clients, service users and employees.  Eden has secured the backing of Sovereign Capital who share our vision, passion and enthusiasm for continuing to build and expand the business.”
Rebecca Grisewood, Partner at HBJ Gateley Wareing LLP’s Manchester office who provided legal advice to the vendors, said: “Healthcare is a sector HBJ Gateley Wareing in Manchester are very active in. We are delighted to have been involved in this deal. This is a very successful business which continues to provide a fantastic service to those who need it most.
Oliver Pritchard a Corporate Partner in Nottingham’s Browne Jacobson LLP office who provided legal advice to the management team, added: “The healthcare sector, particularly domiciliary care and supported living, has been an active area for private equity houses for the last 12 months. We are delighted to have acted for a first class management team that unquestionably has the expertise, drive and passion to ensure the business achieves its ambitious growth plans and we look forward to working with them in the near future.”
Deal team details:
Advisors to Eden’s Shareholders:
Cowgill Holloway LLP (Ian Johnson, Mark Borzomato and Carole Fraser) – Corporate Finance
HBJ Gateley Wareing LLP (Rebecca Grisewood and Kate Richards) – Legal

Advisors to the Management Team:
Browne Jacobson LLP – (Oliver Pritchard) – Legal
Advisors to Sovereign Capital LLP:
Pinsent Masons LLP (Gregg Davidson and Edward Stead) – Legal
Clearwater Corporate Finance (Jon Hustler) – Corporate Finance
KPMG (Roger Widowson) – Financial Due Diligence 


The information was correct at time of publishing but may now be out of date.

Corporate Finance
Posted by Ian Johnson
27th September, 2010
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