In summary
Specialist care and support for people with learning disabilities, autism, mental health conditions and associated complex needs.
Choice Care is the owner and operator of residential care homes for adults with learning disabilities and mental health disorders, and provider of supported living services. It has 60 properties serving over 500 individuals plus over 100 individuals in supported living.
Background
When we backed CEO Edwina Johnston to acquire the business in August 2013, we had two priorities: one, to support the management team in maintaining the optimum care standards and quality of accommodation; and, two, to provide capital for the business to expand its residential care and supported living services across the south of England.
Invsetment thesis
Over the course of our ownership we implemented an organic growth strategy, supported by additional capital from Caledonia, which increased the number of care homes Choice operated from 47 to 60 and increased its residential capacity by some 32%, from 391 to 514 beds. Choice also invested significantly in its head office and central overhead functions, both of which helped the business to retain market leading compliance ratings with the Care Quality Commission.
In October 2018, Choice Care was sold to iCon Infrastructure for a consideration of £153m generating a net IRR of 14.3% and a money multiple of 1.9x.