Market frenzy continues apace – a City View


Posted on June 1st, by editor in Caring Times. No Comments

Well, so much for my prediction that corporate activity would soften in 2005. The feeding frenzy of the last couple of years continues apace. The sale of Ridgmont Care Homes for £80m-plus probably even surprised their owners, Graphite Capital and their management team. Under market conditions the very astute team at Cannon Capital got Ridgmont for a reasonable price; it’s just that since the secondary buyout from Cinven in 2001 for £17.5m who, apart from Simon Fitch of Graphite, could have envisaged a more than quadrupling of their return in less than five years? It1s hard to believe the mighty Cinven took a bath on the sale in 2001 – so well done Graphite (whose investors will be very pleased with them) and especially best wishes to the extremely affable Roger Storey. Roger is a fully paid up member of the “Good Guys Club”, who proved to be a first class operator, a man of great integrity and humility and not one person in our industry would begrudge his success. Let us hope he is not lost to our business





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