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Announced

Sheikh Holdings, Belgravia Investments, Kensington Capital and THCS to acquire CareTech for $1.1bn.

Financials

Transaction Value

£870m

Consideration Type

Cash

Capital Owned

+ Add

Capital bid for

100%

EV/Sales

1.7x

EV/EBITDA

8.24x

Share Price Premium

28%

Transaction Tags

Friendly

Domestic

health care services

United Kingdom

Health Care Services

Public

Majority

Private Equity

Pending

Acquisition

Single Bidder

Synopsis

A consortium consisting of Sheikh Holdings, Belgravia Investments, Kensington Capital and THCS agreed to acquire CareTech, a service provider of individualised care and support within a person-centred approach, for $1.1bn. "On behalf of the CareTech Independent Board, we are pleased to have reached agreement on the terms of a recommended cash offer by Bidco. We believe that this is in the best interests of our investors and other stakeholders, with the potential to deliver a number of strategic opportunities for the business through private ownership by Bidco. As a consequence of the offer, CareTech's founders will remain the controlling shareholders of the business. We believe this will allow the existing care-focused culture of the organisation to continue and enable CareTech to continue to deliver high standards of care to its service users," Jamie Cumming, CareTech Non-Executive Director.

Sources

RNS Announcement

CareTech

RNS Announcement

Sheikh Holdings

Financials

Transaction Value

£870m

Consideration Type

Cash

Capital Owned

+ Add

Capital bid for

100%

EV/Sales

1.7x

EV/EBITDA

8.24x

Share Price Premium

28%

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