Benchmark International is pleased to announce the successful sale of Lancashire-based ROC North West, a provider of residential care and education, to CareTech Holdings in a deal worth in excess of £11m.
Established in Lancaster in 2005 by founding directors Hilary Waterhouse and Glyn Waterhouse, ROC provides education and residential care for challenging and vulnerable young people with complex needs. It currently offers 41 residential places in seven residential homes across Lancashire and 25 education places in its school in Preston.
Hilary Waterhouse, Co-founder of ROC, said: "ROC is a family run business offering high standards of care and education in the learning disabilities sector. We are pleased that we have now joined the larger family of CareTech. We had a number of different companies wishing to buy our business but chose CareTech as we believe in their philosophy of care and working practices that mirror our own expectations and high standards."
Social care services provider, CareTech, headquartered in Potters Bar, Hertfordshire, provides high quality care and support across the entire social care spectrum for children and adults below retirement age.
Farouq Sheikh, executive chairman of CareTech, said: "We are delighted to announce the acquisition of ROC whose impressive growth in the past few years reflects the quality and innovation of its services and the strength of its local authority relationships. This business complements very well our existing children's residential services and I would like to welcome the team at ROC to CareTech.
"This acquisition, which is expected to be immediately earnings enhancing, marks our third transaction utilising the whole of the £21m gross placing in March this year within nine months."
Regarding her experience of working with Benchmark International on this successful deal, Hilary Waterhouse commented: “We are delighted with the deal that Benchmark International has secured for us. We very much appreciated their professional approach and support at all levels and their ability to bring several strategic buyers to the table was key to negotiating the deal. The efficient project management of the process ensured an excellent outcome for both ROC North West’s continued future and its directors.”
The entire Benchmark International team would like to wish both parties the best for their future together.
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Benchmark International’s global offices provide business owners in the middle market and lower middle market with creative, value-maximising solutions for growing and exiting their businesses. To date, Benchmark International has handled engagements in excess of $5B across 30 industries worldwide. With decades of global M&A experience, Benchmark International’s deal teams, working from 13 offices across the world, have assisted hundreds of owners with achieving their personal objectives and ensuring the continued growth of their businesses.