Sun, 21 Aug 2011 | BUSINESS SALE
Lifeways, the specialist care home group, is conducting a strategic review of operations that could lead to the business being put up for sale.
The owners of the business, August Equity, are believed to have appointed investment bank Rothschild to conduct the review. It is thought the business could be worth up to £250m, which would bring a £50m windfall for the management, who own a 20 per cent stake. Most of the management stake is owned by chief executive Paul Marriner who, together with Tracie Marriner, owns 249,100 of the 1,151,500 issued shares in Lifeways Holdings Ltd.
August Equity has owned the balance since 2007 when it backed a management buyout of the business. Soon afterwards the firm swallowed up rival specialist care provider Kentwood. Lifeways has revenues of around £58m – a figure that has been steadily growing over the past few years.
Lifeways was established in 1995 and provides care and support facilities for people with multiple health needs, learning disabilities, physical disabilities, acquired brain injuries, autistic disorders and communication/sensory problems. Lifeways provides support services both in people’s own homes and in specialist care units.
The company has around 58 main customers, most of which are local authorities and social services departments.
Significant interest is expected to be shown in the care business from rival companies, private equity groups and other financial institutions. Despite the well-publicised problems of Southern Cross, there are many operators that make consistent profits in the sector and it therefore still attracts much capital
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