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Sale of Aaroncare to New Century
Expert advice seals the deal in under three weeks - sale of Aaroncare to New Century
Aaroncare is a three hundred bed elderly residential care and nursing home group with five homes based in the North West of England and Scotland. The retiring owners wanted to exit at a high valuation with a sale to a group compatible with Aaroncare’s values.
Experts at Adam Street Advisers acted for the shareholders on the sale of 100 per cent of the issued share capital of Aaroncare to New Century Group Holdings Limited an elderly residential and nursing home group.
Brian Camp, who co-ordinated the sale on behalf of the shareholders, said "My fellow shareholders and I were extremely delighted not only with the excellent advice we received but also with the professionalism and expert way in which the process was handled. From awarding exclusivity to completing the deal took just two and a half weeks."
New Century now owns and operates over one thousand beds and will continue to expand throughout the UK as a national group. Paul Warren, New Century's Managing Director, said "We are absolutely delighted with the acquisition and believe that with the quality of care provided by the dedicated staff of Aaroncare the business will grow from strength to strength. I was very impressed with the way that the process was handled, even with the tight timelines, everything ran like clockwork."
John Francis, who owned the majority shareholding in Aaroncare, said "We had a number of offers from some of the largest operators in the country but felt that New Century would be the best fit for the business and team going forward."