Thu April 29, 2021 | BUSINESS SALE
Envivo Group has completed the acquisition of the specialist nursing company Crusader Medical Care, based in Cardiff. Cheltenham-based Envivo, which was founded to acquire and develop care homes in the UK, was backed in the transaction by Civitas Investment Management, a leading healthcare real estate investor.
Crusader operates two nursing homes, employing more than 100 staff. The company specializes in the management of acute and complex care needs and in the care of challenging behaviors, such as mental illness or acquired brain injury.
The family business was founded over twenty years ago and the acquisition will see existing shareholders leave the business. In its most recent accounts, up to March 31, 2020, Crusader reported turnover of Â£ 5.5million and after-tax profits of Â£ 1.4million.
Following the acquisition, Vincent Ashley, Founder and Director of Crusader, said: âOur company has developed a solid reputation for the quality of care and its commitment to our residents and staff. It was important to find a suitable acquirer who would continue to operate the business in this way and I think Envivo fits the criteria perfectly.
Envivo Executive Chairman Paul Mariner added, âWe are delighted to have partnered with Civitas to acquire Crusader Medical Care. Crusader is a highly respected high quality care provider who will be supported by Fieldbay, run by Paula Lewis, who owns homes in South Wales. ”
âWe look forward to working with the Crusader management team to invest in systems and infrastructure to further improve their quality and achieve great results for the people the group supports, as part of the Envivo family in the broad sense. “
Grant Thornton provided tax advisory services on the transaction, with the firm’s Cardiff Corporate Finance team also advising shareholders, alongside Capital Law.
Jamie Roberts, Corporate Finance Director at Grant Thornton, commented: âCrusader is an exceptional company and we are delighted to have completed this transaction which has resulted in a successful exit for shareholders.
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