Porthaven sold to Fremont


Posted on December 12th, by geoff in Caring Times. Comments Off on Porthaven sold to Fremont

High-end care home provider Porthaven has been sold to Fremont Realty Capital and co-investors. Financial details of the transaction have not been disclosed.

In 2011. previous owners Phoenix Equity Partners backed Porthaven founder and chief executive John Storey to build a portfolio of high quality care homes. During the six year investment period, Phoenix worked with the Porthaven management team to build the portfolio fivefold from three to 15 care homes, through an organic growth plan of acquiring land and building additional homes. The number of residents living in Porthaven homes has increased from 80 to more than 500 during Phoenix’s investment period as a result. John Storey will continue to lead and grow the group alongside Fremont.

John Storey said that during its ownership Phoenix had been “hugely valuable business partners’. understanding the need to ensure the Porthaven ethos of delivering outstanding care and services remained at the heart of the business from the outset.

“We look forward to continuing this strategy with Fremont, as well as the further development and improvement of Porthaven as we continue to grow,” he said.

This is the seventh exit for Phoenix’s 2010 Fund, following the successful sale of Key Retirement Group three months ago which delivered a return of 4.5x cost. Phoenix and Porthaven were advised by CBRE (lead advisory), Pinsent Masons (legal), KPMG (financial due diligence), and Grant Thornton & Travers Smith (tax). Fremont were advised by Gibson Dunn (legal).





Comments are closed.


Latest blog posts

A quick task for Monday morning

By Caring Times editor GEOFF HODGSON

Any measure which will go some way to stemming the tide of promotional pablum which is flooding our computers has...

Sutherland: remember him?

By guest blogger JEF SMITH

Half a century ago I had a series of wonderfully happy working holidays in Sutherland, that most beautiful part of north-west...

Postponing the inevitable

By Caring Times editor GEOFF HODGSON

In expressing their pleasure at being allocated an extra £40m in funding, Dementia Research UK makes the startling claim that...