City & County Healthcare Group secures new £25 million funding for strategic acquisitions
City & County Healthcare Group (CCH), the UK’s third largest independent provider of home care services, has secured funding for a new £25 million facility to finance strategic acquisitions. The funding has been raised from a consortium of banks comprising HSBC Bank plc, Investec, Royal Bank of Scotland and Sumitomo Mitsui Banking Corporation.
The home care market in England is worth £5.1 billion and the number of people needing to be cared for in their own home is forecast to rise considerably over the next three decades. CCH provides home care support, primarily for the elderly, as well as specialist care services for young people and adults with more complex or long term conditions, such as learning disabilities, spinal cord and acquired brain injuries, and dementia.
CCH has made 22 acquisitions since its inception in 2009, seven of them following its management buyout in December 2013, which was backed by Graphite Capital, a leading UK mid-market private equity specialist. The group has also further invested in its service quality and infrastructure, demonstrating strong organic growth since the buyout through a combination of new contract wins and growth in existing contracts. It now operates 72 branches, with 7,700 care workers and 750 staff supporting more than 15,400 individuals throughout the UK.
CCH chief executive, Craig Rushton, commented: “Recent market developments, including the increasing integration of health and social care services, have created a very exciting opportunity for the larger providers who focus on delivering a high quality service. This new acquisition facility will enable us to acquire complementary businesses that broaden our geographic reach or expand our ability to provide complex care services. We remain committed to helping people with care needs to continue living independent and fulfilling lives in their own homes.”