NBGI buys Horizon Care

Carmen Reichman
29 June 2012

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NBGI has acquired Midlands-based specialist childcare provider Horizon Care, in a transaction that also put aside capital for expansion in the near future.

NBGI appointed a senior management team to join Horizon Care following the transaction.

The GP plans to double the size of the business through acquisitions and organic growth in the next three to five years. It can invest up to £20m in any follow-on transaction. NBGI acquired a majority stake in the business alongside managers Amanda Knowles, Thelma Turner and David Burton as well as chairman Stephen Lambert.

The investment came following research into the children's care market, which NBGI targeted. The transaction took place off-market and there were no other bidders involved, the GP told unquote".

NBGI also said that it wants to make more investments in the healthcare sector if it finds the right businesses with potential to grow. The GP listed a "top management team" among the major criteria in selecting healthcare investments.

Debt
The Cooperative Bank provided debt for the transaction, with leverage accounting for less than 50% of the deal value.

Company
Horizon Care operates 13 residential care homes and three schools across the West Midlands, the North West and Kent, focusing on children with emotional and behavioural difficulties. It was founded in Staffordshire in 2000.

People
Mark Owen, Belinda Berkeley and Rupert Brown worked on the transaction for NBGI. Thelma Turner has been appointed as CEO, David Burton will be financial director of the business and Stephen Lambert has been brought in to act as chairman. Amanda Knowles is the existing care and operations director.

Advisers
Equity – Hazlewoods (Corporate finance); CIL (Commercial due diligence); KPMG Transaction Services (Financial due diligence); Pinsent Masons (Legal).