National leading law firm Blake Morgan has advised the shareholders of Cornerstone Healthcare on the sale of their specialist healthcare business to private equity firm Ignite Growth.
Cornerstone Healthcare owns and operates two specialist nursing homes in Hampshire for older people with complex neurological, physical and mental health needs associated with challenging behaviours. The business has been acquired by private equity firm Ignite Growth as part of their buy and build growth plan in the specialist care market.
The specialist care homes Kitnocks House in Curdridge and South Africa Lodge in Waterlooville are designed with a philosophy of ‘a place called home’. The care homes offer spacious living facilities to residents with complex needs who can also benefit from 24/7 support by dedicated and skilled nursing, occupational therapy, care and activity staff.
The corporate team at Blake Morgan, who were crowned Law Firm of the Year at the Solent Deals Awards, have a wealth of experience of advising on complex corporate transactions and have a long standing relationship with Cornerstone Healthcare providing first class corporate advice to the shareholders, including Oliver Sargent who leads their senior management team. Mat Wilson, senior associate at Blake Morgan led on the sale which Ignite structured as a management buy-in with a varied capital structure.
Commenting on the deal, Mat said: “Cornerstone has achieved impressive growth over recent years while remaining focused on providing the best possible level of care to their residents. This is credit to the vision of Oliver and the hard work of the management team.
“The acquisition represents an excellent outcome for Oliver and his fellow shareholders. We wish Ignite and the new management team at Cornerstone every success for the future and look forward to working with Oliver on future projects.”
Oliver Sargent and his family have run Cornerstone Healthcare since 1998. Commenting on the deal, said: “The transaction with Ignite was the right time for us and represents an exciting new venture for Ignite. I am very grateful to Mat and his team for their pragmatic advice throughout the sale process. In a deal such as this it’s important to have lawyers who you can rely on and who really understand our approach and how we think. Once again, they have taken the time to really understand our business objectives; providing invaluable support based on their sector knowledge and experience of advising on care home transactions. People approaching the later years of their life have more complex care needs than ever before. Our sale to Ignite and its experienced management team will enable Cornerstone to continue to develop providing quality specialist care to residents with mental health problems, enabling them to live as independently as possible and enjoy a greater quality of life.”
Blake Morgan has an international portfolio of multi-national client companies (public and private), SMEs, owner managed businesses and start-ups with a need for high-quality corporate and M&A support and advice.
The corporate team is acknowledged within the legal industry and in the independent legal directories, for providing a first-class level of service across a wide range of transactions including mergers, acquisitions, sales, private equity and joint ventures.