In a multi-million-pound deal, Blackstone Capital Partners Limited’s care and support acquisition arm, BCP Supported Housing Limited, has acquired Accredo Support and Development Limited.
Midlands-based Accredo Support and Development is a specialist provider of a variety of support and social cares services including supported living, outreach support, domiciliary care and alternatives to day services. With 15 years in the industry, the company has a well-established reputation and a wealth of experience, particularly in delivering support for those with an autistic spectrum disorder.
The shareholders of the company instructed KBS Corporate, as they were looking to exit the business in order to make way for a new owner with a refreshed approach. Prior to acquisition, the shareholders stated their availability to remain within the business for a short period of time to transfer their knowledge to a new owner and ensure a smooth transition. Post-acquisition, Kevin Webb has stayed on at Accredo Support and Development in a permanent role.
KBS Corporate engaged in an extensive research process targeting a number of buyer types including trade and investment firms. The response was positive and a mixture of both trade and private buyers expressed their interest in the company, with around 20 NDAs completed. The trade buyers were keen to take advantage of synergies, whilst investors looked to expand their existing portfolios.
An offer was accepted from global private equity firm, Blackstone Capital Partners, through its acquisition arm, BCP Supported Housing. Blackstone is one of the world’s leading investment firms, offering private equity, real estate, hedge fund solutions and credit investment. As of June 2017, the firm had over $370bn worth of assets under management and employed over 511,000 people within its portfolio companies.
BCP Supported Housing is a specialist investment boutique formed to complement and enhance the supported living market in the UK.
Corporate Director, Andrew Dodd, of KBS Corporate consulted on the deal, and commented, “The acquisition of Accredo to Blackstone Capital Partners signifies the prominence of overseas and private equity interest for UK companies, in a deal that significantly exceeded our clients’ expectations. I am certain that Accredo will continue to grow under the direction of Blackstone, a globally renowned and experienced investment firm, and I wish all involved the very best going forward.”