Ares Management acquires Exemplar Health Care

Alternative investment manager Ares Management has bought care home operator Exemplar Health Care from pan-European private equity firm Agilitas Private Equity for an undisclosed sum.

This comes at a time of increased investor interest in specialist mental health and adult specialist care sector, which have been resilient during Covid and represent a key part of social care infrastructure. Consensus Support, part of Caring Homes, is for sale through PwC and Priory Group is for sale through Rothschild.

Exemplar Health Care provides specialist nursing care and rehabilitation for adults with complex needs such as neuro-disability, brain injury and stroke, mental ill-health, learning disabilities, autism and complex dementia.

The provider currently operates more than 30 homes across England with three more in development.

Agilitas first acquired the residential nursing care business in 2016, which operated 25 sites at the time.

The company has seen significant growth in four years, having invested £15.4m in six new projects during the year ended 31 March 2019.

Its financial results showed that operating profits almost doubled to £10.8m and EBITDA jumped 67% to £15.2m on while revenues rose almost 17% to £76.3m for the year to March 2019.

John Whitehead, CEO of Exemplar Health Care, said: ‘We want to thank the Agilitas team for their important contributions to Exemplar’s work, and their relentless support of our mission to make every day better for those in our care and for their loved ones. We are now excited to begin the next step in our journey with the support of our new sponsors at Ares.’

Martin Calderbank, managing partner at Agilitas, said: ‘Our investment in Exemplar is a clear example of our focus on supporting companies that answer fundamental human or planetary needs.

‘The partnership between Agilitas and Exemplar has been one that was formed on having a joint, rigorous approach to the pursuit of care quality.

‘We are proud to say that under Agilitas’s stewardship Exemplar’s care became even better, and, through this transformation, the company has improved the lives of many people.’

Julian Feneley of Macquarie Capital, Pinsent Masons, PWC, Grant Thornton, Ashurst, EY and Deloitte advised on the deal while Connell Consulting carried out commercial due diligence.

Exemplar Health Care CEO, John Whitehead, appeared during LaingBuisson’s Adult Specialist Care webinar earlier this year.