Thu, 29 Apr 2021 | BUSINESS SALE
Envivo Group has completed the acquisition of Cardiff-based specialist nursing care firm Crusader Medical Care. Cheltenham-based Envivo, which was founded to acquire and grow care homes in the UK, was supported in the deal by leading healthcare real estate investor Civitas Investment Management.
Crusader operates two care homes, employing over 100 staff members. The company specialises in providing for acute, complex care requirements and in care for challenging behaviours, such as mental illnesses or acquired brain injuries.
The family-owned business was founded more than twenty years ago and the acquisition will see existing shareholders exit the business. In its most recent accounts, to the year ending March 31 2020, Crusader reported turnover of £5.5 million and post-tax profits of £1.4 million.
Following the acquisition, Vincent Ashley, Founder and Director of Crusader, commented: “Our business has developed a strong reputation for care quality and its commitment to our residents and staff. It was important that a suitable acquirer was found that would continue to operate the business in this manner and I believe that Envivo fits the criteria perfectly.”
Envivo Executive Chairman Paul Mariner added: “We are delighted to have partnered with Civitas to acquire Crusader Medical Care. Crusader is a well-respected, high quality care provider that will be supported by Fieldbay, led by Paula Lewis, which has homes across South Wales.”
“We are looking forward to working with the Crusader management team to invest in systems and infrastructure to further enhance their quality, and to achieve excellent outcomes for the people the group supports, as part of the wider Envivo family.”
Grant Thornton provided tax advisory services on the transaction, with the firm’s Cardiff Corporate Finance team also advising the shareholders, alongside Capital Law.
Jamie Roberts, Corporate Finance Director at Grant Thornton, commented: “Crusader is an outstanding business and we are delighted to have completed this deal which has provided a successful exit for the shareholders.”
Read more about how the UK's care home sector is ripe for consolidation.
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