Thu, 13 Apr 2023 | BUSINESS NEWS
North East-based care provider Hark Group Holdings has said it is seeking to continue to grow through acquisitions as it capitalises on fragmentation in the UK care sector. Over the last year, acquisitions have helped the company to treble in size.
In the past 12 months, the firm has acquired the business and assets of Sunderland care home Cedar House, as well as the entire issued share capital of Thorncliffe Care Limited, which operates the Thorncliffe House care home in Sunderland (pictured above).
Hark Group worked with Mincoff Solicitors and accountancy and business advisory Azets on the deals, with funding provided by Allica Bank. The group’s leadership says it is aiming to work with both Mincoff and Azets on future M&A deals.
Hardip Kang, director and owner of the Hark Group, who founded the company with his wife Rupinder Kang, commented: "Our expansion and growth this past year was greatly assisted with the knowledge, experience and eye for detail from Chris Hughes and all the team at Mincoffs.”
"It's the kind of reassurance a growing business needs when trying to achieve their growth targets. Lee Humble and the team at Azets provided me with the financial advice and assistance to accelerate the momentum needed to get the deal over the line. I look forward to working with both again for any possible future acquisitions."
Mincoff Solicitors Corporate Partner Chris Hughes said: "It has been fantastic to work closely with both Hardip and the team at Hark and with Lee and the team at Azets to deliver Hark Group Holding’s vision for the North East care sector.”
"Thorncliffe House and Cedar House Care Home are fantastic additions to Hark's portfolio and it has been a pleasure to assist the group in acquiring these two business, so it can continue to provide essential, top quality, care across the region."
Azets Corporate Finance Partner Lee Humble added: "It has been a pleasure to work with such a strong team with a compelling growth vision. I am excited to see what the future holds for the Group, and we are delighted to be part of their journey.”
Fragmentation and a large number of owner exits since the COVID-19 pandemic have driven a boom in dealmaking in the care sector and Lee Humble observed: "The sector is extremely active at present, and we are always keen to help facilitate transactions for businesses like Hark."
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