Cinven sells Partnerships in Care in $660m deal

The GP acquired the asset in 2005, via the Third Cinven Fund, in an auction process run by Rothschild that valued the asset at £552m.

Royal Bank of Scotland and Dresdner Kleinwort Wasserstein provided debt for the transaction, leveraged against both the company's operations and its property, according to unquote" data. Cinven was already connected to the business, having owned General Healthcare Group, its parent company, between 1997 and 2000.

The acquisition extends Acadia's service offering and expands its footprint in the UK market.

Company
Founded in 1985 and based in Royston, Hertfordshire, PiC is a provider of specialist mental health services across the UK. The company has 1,200 beds in 23 hospitals providing care for patients with mental illness, personality disorder, learning disability, brain injury or autism.

People
Simon Rowlands led the 2005 deal for Cinven.

Advisers
Company – Moelis & Company (Corporate finance); Freshfields (Legal).

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