{"id":652823,"date":"2013-04-17T04:38:56","date_gmt":"2013-04-17T08:38:56","guid":{"rendered":"http:\/\/www.pehub.com\/?p=196788"},"modified":"2013-04-17T04:38:56","modified_gmt":"2013-04-17T08:38:56","slug":"bgfs-springfield-homecare-services-acquires-positive-life-choices","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/652823","title":{"rendered":"BGF\u2019s Springfield Homecare Services Acquires Positive Life Choices"},"content":{"rendered":"

Springfield Homecare Services<\/strong>, part of Springfield Healthcare Group, has completed the acquisition of Positive Life Choices<\/strong>, a domiciliary care business based in Newcastle upon Tyne, UK. Springfield Homecare is a provider of domiciliary care in Yorkshire and Humberside and is backed by Business Growth Fund.<\/p>\n

PRESS RELEASE<\/strong><\/p>\n

Business Growth Fund (BGF) backed Springfield Homecare Services Ltd, part of Springfield Healthcare Group, has completed the acquisition of Positive Life Choices (PLC), a domiciliary care business based in Newcastle upon Tyne. Springfield Homecare is one of the largest independent providers of domiciliary care in Yorkshire and Humberside.
\nPLC represents the first acquisition that Springfield has made using BGF capital.
\nSpringfield financed the acquisition following two investments totaling \u00a34.4 million, which were made by BGF in June 2012.
\nThe deal will add approximately 2,000 hours of care to Springfield Homecare, which gives the business a new presence in the North East and strong relationships with a number of new local authorities. It also increases the number of employees in Springfield Homecare to over 800 and turnover of the overall Group to greater than \u00a313 million per annum.
\nThe acquisition will allow Springfield to submit a variety of local authority tenders to get approval onto new framework agreements and also offers the potential to expand PLC\u2019s services into Durham, Sunderland, Stockton, Northumberland and other neighbouring areas.
\nBased in the outskirts of the city centre to the north east of Newcastle, PLC specialises in the provision of care services to individuals with learning disabilities (LD) and currently covers Newcastle, Gateshead and Darlington. PLC also provides care services to older people, those with physical disabilities, mental health problems and sensory impairments and works within the supported living, domiciliary and respite care sectors.
\nThe company was founded in 2007 by husband and wife team Ian and Amanda Dickinson and has grown steadily, employing 90 staff with a turnover of approximately \u00a31 million per annum.
\nOf BGF\u2019s total \u00a34.4 million investment, \u00a31.47 million has already been used to fund the development of The Grange Care Village in Seacroft, Leeds, which is expected to be completed in the autumn of 2013.
\nGraeme Lee, founder and CEO of Springfield Healthcare commented:
\n\u201cI am delighted to announce our acquisition of Positive Life Choices. This marks the start of an exciting period of growth into the North East for Springfield Home Care, alongside its existing progress within Yorkshire and Humberside.
\n\u201cBGF\u2019s funding is enabling us to source similar excellent opportunities across Yorkshire and the North East where we can invest quickly, professionally and in alignment with existing management teams.\u201d
\nRichard Taylor of BGF commented:
\n\u201cWe\u2019d like to congratulate Graeme Lee and Amanda Dickinson on the completion of this acquisition, which is a significant milestone for Springfield\u2019s growth plan.
\n\u201cFor businesses determined to grow quickly, a strategic acquisition can be a transformative moment. However buying another company requires deep pockets and the experience to integrate two organisations in a way that realises their combined potential. Some growing companies have the ambition to expand this way, but lack the means to do it.
\n\u201cFunding also remains a major challenge for businesses with an acquisition target in mind \u2013 even if bank debt is available, it may not be the best way to finance the deal. In practice, equity capital is far less restrictive than bank debt, where the borrower is subsequently required to perform to very tightly defined criteria.
\n\u201cBGF growth capital is well suited to supporting growth through acquisition and it is a key area where we can offer support to business owners.\u201d
\n-Ends-
\nContacts:
\nEmily Weston, Equity Dynamics \u2013 07825 326 442
\nemily@equitydynamics.co.uk
\nNotes to editors:
\nAbout Springfield Healthcare Group:
\nSpringfield Healthcare Group is a Care Home operator and one of the largest independent providers of domiciliary care in Yorkshire and Humberside. Led by Yorkshire based Group CEO, Graeme Lee, Springfield was established in 1967 as a single family-run care home and has since grown steadily ever since. Springfield now provides care to nearly 2,000 clients each day and will employ over 1,000 staff by the end of the year.
\nAbout Business Growth Fund:
\nBusiness Growth Fund has been established to help Britain\u2019s growing smaller and medium sized businesses. Growth potential is the key criteria. BGF will invest between \u00a32m and \u00a310m per business in return for a minority equity stake and a seat on the board for a BGF director. BGF will provide long-term equity investment for those growing companies that today do not have access to this source of capital. As such BGF hopes to be a catalyst for growth among smaller UK companies.
\nBGF is an independent company with capital of up to \u00a32.5 billion, backed by five of the UK\u2019s main banking groups – Barclays, HSBC, Lloyds, RBS, and Standard Chartered. BGF is managed completely autonomously with an independent management team.
\nBGF is one of a range of initiatives designed to forge a new relationship between the banking sector and UK businesses, and BGF works in close collaboration with the British Bankers\u2019 Association as well as other key business organisations across the UK.
\nKey facts and figures:
\n80 people at 7 offices across six UK regions
\nApprox. \u00a3130 million of growth capital invested in 25 companies from 17 sectors
\n3,364 currently people employed by BGF backed companies
\nTargeting investment of c \u00a3200 million in 2013
\nMore than money for investee businesses, for example BGF has placed 17 highly experienced non-executive chairman and non-executives.<\/p>\n

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Springfield Homecare Services, part of Springfield Healthcare Group, has completed the acquisition of Positive Life Choices, a domiciliary care business based in Newcastle upon Tyne, UK. Springfield Homecare is a provider of domiciliary care in Yorkshire and Humberside and is backed by Business Growth Fund. PRESS RELEASE Business Growth Fund (BGF) backed Springfield Homecare Services […]<\/p>\n","protected":false},"author":7999,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-652823","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/652823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/7999"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=652823"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/652823\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=652823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=652823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=652823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}