Law firm Mills & Reeve has appointed Dan Braithwaite as a principal associate in its health and social care mergers and acquisitions practice.
Van Zyl to step down at Cornerstone Healthcare Group
Care provider Cornerstone Healthcare Group announced today that its co-founder Johann van Zyl will step down as chief executive, effective 8 January, becoming a non-executive director as a shareholder.
Van Zyl played a pivotal role in co-founding the company in 2018 with Dara Ní Ghadhra.
Van Zyl said: “Cornerstone is in fantastic shape with exceptional care quality, high occupancy and sector-leading staff turnover of below 12%. We are now moving into the next phase of the company’s buy-and-build strategy by opening two more homes, thereby adding a further 158 beds to the company. Moreover, we are actively exploring acquisition opportunities that will elevate our EBITDA to over £10 million. This is the right time to bring in a new CEO to take the business to the next level. Simultaneously, I look forward to embarking on a new career in Non-Executive Board roles.
“I’ve been fortunate to have worked with an amazing team over the last five years but in particular, I want to pay homage to Dara Ní Ghadhra, my co-founder, who played an exceptional role in our success. Without her, and alongside Jens Kleyenstuber, our finance director, none of the accolades for Cornerstone would have been possible. I’d also like to take this opportunity to welcome my successor, Paul Hayes. Paul is an experienced healthcare operator and leader who has previously held a number of executive positions with high quality providers across the healthcare sector. He will inherit a first-class team, and I know Cornerstone’s future is in safe hands. I look forward to working with him as part of the Cornerstone board.”
Forbes Stuart from Ignite Growth, the equity provider that owns Cornerstone, commented: “It has been an absolute pleasure working with Johann over the last five years. Alongside his team, he has driven Cornerstone to new heights growing the business year on year whilst ensuring that high quality care is at the heart of everything the business does. Johann remains key to the future success of the business and we look forward to working with him in his non-executive capacity. We’d also like to take this opportunity to welcome Paul Hayes as CEO; he will join a business that has exceptional foundations in place and is set for further growth.”
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