Homes Caring For Autism Joins With Care Management Group
Orbis Partners have finalised the sale of Homes Caring for Autism (HCA) to nationwide learning disability provider Care Management Group (CMG) for £12 million.
HCA is a group of ten care homes based across Somerset, North Somerset and Wiltshire, specialising in residential care for young adults with complex needs arising from autism. Established in 2003 by Richard Smith, the business grew to four homes and 20 placements with the support of funding from RBS. However, in 2009 RBS changed its lending and valuation criteria and placed HCA into their Global Restructuring Group (GRG). Richard was introduced by GRG to Intrinsic Equity, the investment vehicle of Orbis Partners, to help get his business back into growth.
Intrinsic Equity invested in 2009 for a significant minority stake, enabling the business to fund the development of further homes and to operationally and strategically position the business to meet the increasing demand for services.
Over the past eight years, the Intrinsic Equity team has provided hands-on leadership and support to help the business scale its operations and establish a robust platform for growth. HCA now delivers complex care to 63 placements across ten homes and has grown turnover from £2m to £10m.
Established in 1996, the buyer, CMG, has significant expertise in supporting people with learning disabilities and particularly complex needs, including autistic spectrum conditions, mental health needs, challenging behaviour, profound and multiple learning disabilities and associated complex health needs. The business has over 120 services across England and South Wales.
We are proud to have supported Richard and the amazing team at HCA to deliver high levels of complex care in a safe and professional environment. We are pleased to have concluded the sale to CMG who will enable the business to continue to support young adults in challenging situations.
We have been on a long journey with James and the Intrinsic team; their continual support and advice has helped to make our business stronger and more valuable. We had a range of serious offers from credible acquirers; CMG was carefully selected to continue the work we had started and provide long-term support to the people HCA care for.
Richard Smith, the founder and main shareholder
The HCA shareholders were advised by Shah Zaki and Peter Bull from Orbis Partners and legal advice was provided by Simon Gill and Matt Smith at Gateley plc.