Wren House Infrastructure buys Voyage Care
London-based global infrastructure investment manager Wren House has acquired the UK’s largest provider of specialist care, Voyage Care, from its current owners Partners Group and Duke Street.
As revealed by HealthInvestor UK earlier this week (12 January), Rothschild was financial advisors to Voyage Care. RBC and J.P. Morgan was financial and Weil Gotshal & Manges legal advisors to Wren House.
Voyage Care said that the new investment will enable it to build on the progress made to date as well as achieve its continued growth aspirations.
Voyage Care has been providing specialist support to people with learning disabilities, autism, brain injuries, and complex needs for over 30 years. Today, the group employs 10,000 staff and supports 3,500 people across 361 groups of services in the UK. Filed accounts show that the group had revenues of £274.2 million in 2021, up 2.6% compared to 2020, with an EBITDA of £44.8 million.
Financial details of the transaction were not disclosed. Partners Group and Duke Street acquired Voyage Care in 2014 alongside its management team from HgCapital, a European private equity investor, for £375 million.
Recent deals involving specialist care and infrastructure funds would suggest a multiple of approximately 12-14x was achieved.
Key value creation initiatives introduced during the past seven years of ownership include deepening the healthcare experience of its best-in-class management team with key strategic hires, continuing to invest in increasing its market-leading quality of care, further developing its specialisms, and expanding capacity via developments and select acquisitions.
Remy Hauser, managing director, private equity health & life, Partners Group, said: “The specialist care market remains highly fragmented in the UK, with a range of different providers catering to very specific needs. This has created growth opportunities for Voyage Care, which has acquired and carefully integrated several specialist learning and pediatrics care providers during our ownership, in addition to organically expanding its business to meet changing needs. Through this dual approach, Voyage Care has helped to ensure consistently high standards of care quality across its different specialisms.”
Andrew Cannon, chief executive, Voyage Care, added: “Voyage Care has a strong operational and reputational track record which has been driven by the successful execution of our growth strategy. Partners Group and Duke Street have been hugely supportive, investing in the key resources needed to maintain our position as a leading specialist care provider in the UK. We strive to deliver the highest possible levels of care across all our communities, as well as attract and retain the most skillful and dedicated care professionals.”
Andrew Deakin, managing director, private equity services, Partners Group, said: “Voyage Care makes a lifelong difference to the people and families it supports, which resonates strongly with Partners Group’s mission to create lasting, positive stakeholder impact. During our holding period, we worked with Voyage Care’s experienced management team to grow the Company sustainably, whilst ensuring it never lost sight of its mission to deliver the highest-quality care. We firmly believe that Voyage Care now has solid foundations on which to build and continue its success story.”
Date published: January 14, 2022