Grant Thornton UK LLP’s corporate finance team has advised a leading South West care business on a multi-million-pound funding deal to enable it to make acquisitions, amid strong demand for its services.
Cream Care, which is headquartered in Taunton, operates seven homes in the West Country providing residential care and supported living services for people with profound and multiple learning disabilities.
It has now completed a second transaction with Civitas Investment Management to enable it to make acquisitions of further homes.
Civitas Investment Management originally invested in Cream Care in 2020 and is a leading impact investment manager with a successful track record of completing more than 130 transactions over the past three years.
Martin Reed, Managing Director of Cream Care, said: “We have a huge waiting list of individuals seeking a placement at our homes, so we are absolutely delighted to have received this funding to enable us to make acquisitions and provide the high quality support that those individuals and their families so desperately need.
“We are particularly focused on acquisition opportunities for care homes, groups of care homes or land for development along or near the M5 corridor but would also look further afield.”
Nick Jones, Corporate Finance Director at Grant Thornton in Bristol said: “Cream Care has a fantastic reputation in the market for providing outstanding quality care to individuals with highly complex needs, which is leading to demand for its services significantly exceeding the capacity at its current homes.
“We are delighted to have advised on this second transaction with Civitas Investment Management, a very active investor in this space, to help support Cream Care’s growth. We are seeing strong levels of deal activity in the care sector as investors look towards resilient assets.”
The Grant Thornton team also included Head of Healthcare M&A at Grant Thornton, Peter Jennings, with support from Anna Davies and Tom Bew.