The latest deal, which marked Cairngorm Capital’s 21st proprietary transaction since July 2016, saw the private equity firm enter into the assisted living sector, with the acquisition of Southampton-headquartered Millbrook Healthcare (July).
Millbrook Healthcare, which has 29 service centres across the UK, is an outsourced provider and manufacturer of equipment, assessment services and home-based adaptations that help service users live independently at home for longer.
The deal follows in quick succession from Cairgorm Capital’s acquisition of builder’s merchants, Fairalls, last month and of Stamco in June, both of which Vail Williams acted on.
The acquisitions of Stamco and Fairalls, together with Parker Building Supplies, acquired by Cairngorm Capital in 2018, have created the largest independent builders’ merchant group in the South East, with 24 branches serving Surrey, Sussex and Kent, over 500 employees and combined revenues of £120 million.
Surveyors and valuation experts from across Vail Williams’ offices in Crawley, Woking and London have examined over 35 properties associated with the Millbrook Healthcare, Fairalls and Stamco portfolios and have provided property due diligence throughout the acquisition process for each.
Peter Sudworth, partner based in our Crawley office, who advised on the various deals, said: “We are delighted to have supported Cairngorm over the past 12 months with their strategic property needs.
“By providing them with industry insight and property due diligence expertise, we’ve enabled the company to forge ahead with its buy and build strategy as it continues to expand its business.”
Alex Bayliss, Managing Director at Cairngorm Capital, concluded: “As investors we are actively engaged in the strategy and operational development of our portfolio companies. We’re grateful to Peter and the team at Vail Williams for the invaluable property advice they have given throughout the process, and continue to provide us with, as we seek out opportunities to develop our portfolio across our core industries.”
We continue to advise on Cairngorm’s wider national property portfolio, providing lease regear advice and business rates expertise, with associated work in respect of additional portfolio acquisitions and disposals also ongoing.