Tue, 16 Jun 2015 | BUSINESS SALE
The Priority Group, the business behind the celebrity rehabilitation clinics, is set to sell care home business, Amore Care.
Reports from the Sunday Times indicated that the company's private equity owner, Advent International, has been in talks with Rothschild bankers regarding a sale of the asset. The business is valued at less than £50 million, making it a relatively minor asset in a business which in total is thought to be worth around £1 billion.
The situation remains somewhat uncertain as Advent told the paper: “We have not appointed Rothschild to explore exit options and we are not considering a float for the business this year.”
However, sources indicate that a sale is on the horizon and would need to take place ahead of the rumoured flotation in 2016.
Advent bought the Priory Group in 2011 for £925 million from the Royal Bank of Scotland. The talk of the float of Priory in London originated from senior City sources in the capital and has not been confirmed by Rothschild or Advent.
Amore Care offers residential, dementia care and nursing to older people with various requirements. It has locations across the UK, including in London, Preston, Ipswich and Prestwick.
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