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News Corporate Deals 7th Oct 2021

Freeths advises HCRG on the sale of its homecare provider businesses CRG Homecare and Allied Healthcare

Freeths has provided legal advice to Prescot-based HCRG (Health Care Resourcing Group – part of Twenty20 Capital) on the sale of its homecare provider businesses (CRG Homecare and Allied Healthcare).

HCRG had acquired Allied Healthcare in 2018 when it was on the brink of collapse and following a swift turnaround and investment in people, Twenty20 Capital successfully merged Allied with its existing homecare brand CRG Homecare. Both businesses now have a total revenue of £75m. The same management team will lead the brands, which will continue to operate as normal. Changes are not expected to the services provided and local branch teams and care workers will continue to provide care.

HCRG is part of Twenty20 Capital, who agreed the final sale, which has created the second largest homecare provider in the country. It has also provided strong returns for management and shareholders.

Ian Munro, Group Chief Executive and Founder at HCRG, said: “After acquiring Allied Healthcare, we worked closely with the management team and were quickly able to return the business to breakeven trading and successfully raised the CQC rating and drove a plan to merge it with our CRG Homecare business. This increased profitability and allowed us to proudly support the UK community by delivering outstanding care services during the toughest months of the Covid-19 pandemic. This has been a real success story in a challenging market.”

Tristan Ramus, Chairman at Twenty20 Capital, added: “Twenty20 Capital is proud to be able to announce the transfer of ownership of our homecare group. Having acquired Allied Healthcare, on the brink of insolvency, the business has been transformed during our period of ownership. The core principles of Twenty20 Capital’s investment philosophy have driven an outstanding shareholder return in under three years. Supporting and augmenting the management team, to execute challenging strategic and operational decisions, has created a highly attractive, scaled and profitable platform, in this highly competitive homecare services market.”

Dahren Naidoo led a multi-disciplinary cross office Freeths team, supported by Baljit Atwal, Malin Svanberg Larsson, Andrew Francey, Claire Boyce and Alex Angelides.

The Freeths Care Team is heavily entrenched in the care sector and has developed long standing relationships with the key organisations in the sector and has a multi-disciplinary team dedicated to care to ensure support for all legal aspects in achieving completion of a successful transaction.

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