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).