Manchester-based heathcare investment company Tristone has acquired a care and education provider as part of its ongoing growth strategy.
The firm is a subsidiary of Tristone Capital, and Southampton firm Sportfit Support Services offers care and education services to vulnerable young people, with a turnover of £4.5m.
Tristone said the acquisition is "one of a number" planned this year as it targets £35m revenues and £7.5m net income in the next 18 months through its 'buy, build and hold' strategy.
The deal increases the number of vulnerable young people currently supported by Tristone businesses to 98.
Tristone founder and CEO, Yannis Loucopoulos, said: “Sportfit is a fantastic business that perfectly aligns with our values and helps us further deliver on our purpose of providing safe, essential care, while enriching lives through education for vulnerable children, young people and adults.
“It’s an excellent example of our strategy of acquiring profitable social care businesses with a track record of success and a strong management team.”
As part of the acquisition, Sportfit founder and managing director Ashley Vickers will retain a minority shareholding and continue to manage the business.
Tristone was advised by business advisory and accountancy firm MHA Moore and Smalley’s Corporate Finance and Tax Advisory teams who provided financial and taxation due diligence support alongside wider deal advisory services.
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MHA Moore and Smalley’s acquisition team was led by tax partner David Bennett and corporate finance director Simon Carruthers.
Simon Carruthers said: “The Tristone team are passionate in their plan to build a significant social care group delivering positive social change through the alignment of commercial returns with social impact.
“Assisting the team to shape and deliver a transaction that will help Sportfit progress to the next level and provide exceptional support for even more disadvantaged young people has been extremely pleasing.
“This is the second transaction in the social care sector that our Corporate Finance team has helped deliver from start to finish during lockdown, based on the team’s deep understanding of and strong credentials in children’s and young person’s services in particular.”