Voyage Care (Voyage), the UK specialist care provider for people with learning disabilities, brain injuries and other complex needs, has acquired Solor Care.
Solor Care was previously owned by Barclays Ventures, Royal Bank of Scotland and Management. The acquisition makes Voyage the UK’s clear leader in the provision of learning disability services with 363 care homes and 2,369 beds.
The transaction is being funded with existing cash and a further injection of equity from Voyage’s majority shareholders, HgCapital and SL Capital Partners.
Like Voyage, Solor Care provides high quality personalised support and care for people with complex needs. All 92 Solor Care homes will become part of Voyage. This will consolidate Voyage’s existing service offering in the North, Midlands and South, while extending its presence in the South East of England.
Commenting on the deal, Voyage chief executive Bruce McKendrick, says: “This acquisition forms an important part of our growth strategy. It will enable us to reach a greater number of people across a broader geographic area, provide enhanced care services to our existing customers and create further development opportunities for our combined workforce of approximately 7,000 staff.”
As well as adding further capacity to Voyage’s existing operations, the acquisition of Solor Care broadens its care offering to include children’s services and higher acuity nursing settings.
“Despite current fee pressures and regulatory challenges in the care sector, demand for specialist, high quality residential care will continue to be strong,” says McKendrick. “The additional capacity provided by the Solor Care services positions us well to meet that demand.
“Voyage’s business growth and its reputation have been underpinned by an unwavering focus on our people and the quality of care we provide. This is wholly consistent with Solor Care’s approach and is why we are so excited by this acquisition. It allows more people to benefit from the high quality care Voyage provides, broadens the career opportunities for our people and delivers financial benefits for our investors over the long term.”
Philipp Schwalber, head of the healthcare team at HgCapital, says: “The UK healthcare market has become increasingly fragmented over recent years although the long-term growth drivers remain positive. We seek to partner with firms and management teams which provide outstanding levels of care, through continuous improvement and reinvestment in staff and services.
“Voyage is a quality-focused and dynamic care provider which has achieved strong and sustainable growth against a tough economic backdrop. This is a great acquisition for Voyage and we are confident the business will continue to perform through its strategy of organic growth, coupled with the effective integration of selected acquisitions.”
