GI-backed Cambian announces IPO

Kenny Wastell
20 March 2014

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Behavioural healthcare services provider Cambian Group, owned by GI Partners, has announced its decision to float on the London Stock Exchange.

The IPO is expected to raise around £20m, following a 10-year period with GI at the helm.

During this period Cambian, originally NHP Healthcare Partnerships, was at the centre of the GP's buy-and-build strategy. This focus on bolt-ons still features in Cambian's future growth plans alongside further development of therapeutically-led services and the maturation of its existing portfolio.

In 2013, the group posted underlying EBITDA of £43.7m and has seen eight-digit operating profits in each of the past three years. It also reported growth in year-on-year turnover, with the figure standing at £214.3m in 2013, up from £184.3m in 2012 and £140.2m the year before that. Cambian has debt facilities totalling £200m, of which £50m remain undrawn.

The GP's initial £10.8m management buyout of Cambian was done on an all-equity basis, with the management team also providing some of the original capital.

Headquartered in London, Cambian employs more than 6,000 employees. It provides behavioural healthcare services with a particular focus on children with autism, learning disabilities and challenging behaviours; and adults with mental health issues, learning disabilities and acquired conditions.