The Montreux Capital Healthcare Fund has acquired the Christchurch Group, a provider of neuro-rehabilitation services, for an undisclosed sum in a move which it says will add £3.6 million EBITDA to the fund’s portfolio.
Headquartered in Northampton, the business comprises 10 facilities with 98% of its 136 beds being freehold. Montreux says the business will deliver considerable value to the wider group, with several key staff retained at a senior level. The acquisition offers the opportunity to drive forward occupancy and offers plans for expansion of 22 additional organic beds in the medium term.
HealthInvestor UK understands that Richard McKenzie, Christchurch Group's current chief executive officer, will be leaving the company but that chief operating officer Ruth Smith and other members of the executive team will remain in post.
Oliver Harris, chief executive, Montreux Capital Management (UK) said: “The Christchurch Group acquisition is a step forward in the Montreux Healthcare Fund’s strategy, providing 136 high-quality care beds with further expansion planned in the medium term. My team and I have worked hard to secure this acquisition in a short time frame and believe this will deliver good value to our investors.”
Vendor-side commercial due diligence was conducted by Connell Consulting.