ABG Corporate Finance has successfully co-advised the shareholders of Berkley Care Group on its sale to European care services group Korian SA.
Founded by entrepreneur Seamus Halton over twenty years ago, Berkley Care Group has grown to six modern, purpose-built facilities across the South, South West and Midlands operating over 200 beds, with further sites in development. The shareholders included growth investor Albion Capital, who partnered with Berkley in 2014 and provided several tranches of follow-on funding. Korian, listed on Paris Euronext, is a leading European care services group for elderly and fragile people, with over 1,000 care facilities across six European countries.
ABG Corporate Finance provided financial advice following the execution of a Letter of Intent between the parties, including in relation to working capital and net debt. CBRE initiated the transaction and also advised the shareholders.
Kristian Gavan, Partner, who led the ABG Corporate Finance team, commented:
“We are delighted to have been able to help the shareholders execute the sale despite the challenges Covid-19 represented for the sector. Berkley Care Group operates homes of exceptional quality and is a logical first step for Korian into the UK market. Seamus and the team at Berkley are skilled operators and it has been a pleasure to be able to support them. We have worked with Albion on a number of occasions as they exit portfolio companies, which reflects our long-term relationship approach and something that we hope continue to build on.”