KBS Corporate Advises on Sale of Pathways To Independence (DO) Ltd
KBS Corporate has advised on the rapid successful acquisition of Pathways to Independence (DO) Ltd by Business Growth Fund (BGF) backed trade buyer Springfield Home Care Services Ltd. Established in 2008, Pathways to Independence (DO) Ltd is a three centre, North East based domiciliary care provider which provides a range of support services to adults with disabilities across Hartlepool, Darlington, Stockton on Tees, and Durham.
The Company’s experienced team of dedicated staff has allowed Pathways to consistently increase both turnover and profits, and build up strong relationships with local authorities and external agencies since its inception.
The buyer, Springfield Homecare Services Ltd is an £8.4m turnover, domiciliary care company which trades as Springfield Healthcare Group, encompassing Springfield Carehome, Springfield Apartments, Springfield Homecare and Definitive Training. Originally founded in Garforth near Leeds in 1968 as a family run care home, the business has grown steadily ever since, and now operates out of offices across Leeds, Wakefield, Hull, York and Knaresborough and employs over 600 staff, cementing its position as the largest independent home care provider in Yorkshire and Humberside. The business came to market on 22nd May this year and sold for an undisclosed sum within 6 months, completing on 8th November 2013.
Corporate Manager Neil Leach acted on behalf of KBS Corporate’s clients at Pathways, and commented, “It was an absolute pleasure to deal with vendors Christine and Tracy and I am delighted that KBS Corporate could achieve such a swift sale for them to allow them the exit they so hoped for to release them of their responsibilities and provide them with much needed time for personal reasons.” Neil also added, “The buyer saw Christine and Tracy as key to the success of the business, and were seeking a purchase only on the basis of their remaining in the business. Therefore, both are remaining in the business permanently post-sale, albeit on a part-time basis, with assistance from the acquirer’s own resources. This was the perfect solution for both parties and allowed all of the other existing staff to be retained. Springfield Home Care Services is highly acquisitive having made numerous previous acquisitions including two in the past 12 months. The purchase of Pathways will add further to their extensive strategic growth plan both geographically, and to assist with their entry into a niche domiciliary care area they are not already involved with. I wish all parties the very best for the future.”