Ashridge back special needs care provider Phoenix

Ashridge says the firm was targeted as it is a good match for the fund's current portfolio which also holds Ark Home Healthcare.

The deal will see the exit of one of the founding directors, Ron Sens, while existing managing director Keith Burley and finance director Paul Cann remain in place.

The investment will support the Devon-based company's plans to double its workforce within two years and expand into new territories.

Debt
Debt was provided by the Co-operative Bank.

Company
Phoenix Learning and Care runs homes and schools in and around Devon for young people with special needs. The company has 220 employees working in its three schools and 11 homes. It was founded in 1996 and currently turns over £8m with an EBITDA of £1.5m.

People
David Sherratt is founding partner at Ashridge.

Advisers
Debt – Hazlewoods (Financial due diligence); Foot Anstey (Legal).
Vendor – Osborne Clarke, Dan Wright, Simon Jones (Legal); Grant Thornton, Mark Naughton, Martin Gallacher (Financial).

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• Topics
• UK / Ireland
• Healthcare
• Buyouts
• Ashridge Capital
• Co-operative Bank