Tristone Completes The Acquisition Of Procare (Wales) Ltd

Buy and build Investment group Tristone Capital, through its care division Tristone Healthcare,  has acquired the North Wales based care business ProCare (Wales) Limited and it\’s subsidiary Bangor Centre For Developmental Disabilities Limited, which employs 140 staff across 2 care homes and a community living service. This is the second deal in the last 6 months for Tristone Healthcare which looks to acquire great businesses delivering outstanding care and support to the vulnerable people that need it most.

ProCare was founded in 2001 by Helen Shepherd and is one of the UK’s leading high acuity care businesses, delivering care to individuals, between the ages of 16 and 64, who have complex support needs including those with physical and/or learning disabilities, autism, mental health disorders or acquired brain injuries and challenging behaviour.  As part of the transaction Helen Shepherd, will retain a minority shareholding and continue in her role as Managing Director.

Helen Shepherd, Managing Director of Procare, said “I am extremely proud of Procare’s history in striving for excellence, and in consistently delivering high quality support to the people we care for. I am delighted that in Tristone we have found a new partner, with the right values that are closely aligned with our own and who will enable our work to continue in a way which maintains the strong reputation we have established in the communities we serve”.

Tristone founder and CEO, Yannis Loucopoulos, commented “We had been speaking to Helen for some time and over that period it was evident that she had built a highly successful and respected company that delivers best in class care and support. ProCare fits well with our acquisition criteria, being a company that delivers outstanding services whilst being well-run, profitable and cash generative. We are excited to work with such an experienced management team and are looking forward to supporting ProCare’s growth, delivering additional services and in the process creating more jobs for the local community”.

BDO LLP provided M&A Corporate Finance advice, led by Jason Whitworth and Chris Cumber, and Tax Advisory services to Helen Shepherd. Hill Dickinson LLP, led by Craig Scott and Elan Iorwerth, provided legal advice to the vendor.

Jason Whitworth, commented “we are delighted to have worked with Helen and her team to deliver this transaction. Helen has built a business with an exceptional reputation in caring for some of the most vulnerable people in the community. Working with the team at Procare, Tristone will be able to support the business to develop and expand the care it can deliver. It is a fantastic outcome for all parties.”

Tristone was advised by business advisory and accountancy firm MHA Moore and Smalley, led by Corporate Finance Director, Simon Carruthers and Tax Partner David Bennett, who provided financial and taxation due diligence support.

Simon Carruthers said: “Yannis and his team have developed a clear strategy to combine their deep understanding of children’s, young person’s and adult social care, with established independent operators delivering high-quality care outcomes. We’re delighted to have been able to assist on the transaction through a focused approach.”