Phoenix sells Porthaven to Fremont

It is understood the deal gives the business an enterprise value of more than £300m.

Under the GP's six-year tenure, Porthaven has expanded via the construction and opening of new care homes, increasing its number of locations from three to 15. As a result, it has increased its number of residents from 80 to around 500.

At the time of Phoenix's initial investment, the company had an enterprise value in the region of £30m, unquote" understands, though the GP has since provided follow-on funding to the business.

The group's founder and CEO, John Storey, will continue to lead the business under its new owners.

The deal is the seventh exit for Phoenix's £450m 2010 fund. The GP supported the management buyout of Porthaven in October 2011 and is understood to have taken a majority stake via the transaction.

Company
Porthaven was founded in 2005 and is headquartered in Windsor, Berkshire. The group operates care homes for the elderly and people suffering from dementia.

People
Phoenix Equity Partners – James Thomas (managing partner).
Porthaven Group – John Storey (founder, CEO).

Advisers
Vendor – CBRE (corporate finance); Pinsent Masons (legal); KPMG (financial due diligence); Grant Thornton (tax); Travers Smith (tax).
Equity – Gibson Dunn (legal).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Healthcare
• United Kingdom
• Phoenix Equity Partners
• Secondary buyout
• Pinsent Masons
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• Grant Thornton
• Travers Smith