INDUSTRY
Established in the mid-1990s, Civicare is a group of privately owned companies that provide domiciliary healthcare services to communities throughout the UK.
Civicare’s owner, Bill Beach, originally acquired the business in 2009, when it was marketed by Avondale as a franchise of Abacus Care. Following the purchase, Mr. Beach had established the business as an independent concern, leading to a significant improvement in profitability. After many years of hard work, he was now looking to divest a proportion of his ownership and assume a less prominent day-to-day role in the business.
Mr. Beach re-engaged Avondale, and the team set to work researching the market and making discreet enquiries to a range of potential acquirers. Several offers were made, from which a short list was created. It was felt that the eventual buyer, 1st Homecare Solutions, offered the best synergies, with the firm located in an adjacent geographical territory.
With Avondale overseeing the negotiations, a deal was structured to transfer the first 61% of Civicare’s shares to the acquirer, with a further 19% stake payable at a pre-agreed date. Mr. Beach would maintain a minority (20%) interim interest in the business until he felt ready to retire. The agreement proved a win-win for both parties, allowing Mr. Beach to add value to the newly merged company through his industry knowledge and contacts.
