Tristone Healthcare has announced the acquisition of K Bond Healthcare Ltd (trading as Next Steps), completing a trio of deals in 2022 for the buy and build social care investment group.
The acquisition of the North West-headquartered provider – which operates across Greater Manchester – follows the addition of Seaside Care Homes and Beyond Limits Ltd to its portfolio of businesses. In the last two years, the company has expanded its group from one to six, increasing the number of people cared for from 32 to162.
Next Steps, which was founded in 2015, specialises in providing individuals with chronic and treatment-resistant mental illnesses with a therapeutic home environment to receive the highest quality of residential and nursing care. Employing 42 staff, and supporting 22 individuals, the provider currently operates across four specialist nursing homes.
Tristone founder and CEO, Yannis Loucopoulos, said: “The acquisition of Next Steps is another fantastic addition to our community of businesses and an important strategic step in expanding our footprint in the North West in what is a specialist area of nursing and mental health provision.
“The business has loads of potential. As such, we’ll be working closely with the senior leadership team to explore opportunities to open further homes throughout the North West, replicating the existing and highly successful model, which delivers vital services for those individuals with acute needs.”
At the end of 2021, the investor secured £20 million of funding from Duke Royalty, which has supported this latest transaction. The capital has also been utilised to support the organic growth of its current portfolio, together with significant investment in its proprietary platform that supports improved service quality.
Kirsten Bond, founder and managing director, will remain in the business, as part of the deal. She said: “We’re delighted to be part of the Tristone community, which is made up of a diverse range of social care businesses that are all value-driven and care-centric.
“We’re extremely excited about the potential that exists under the guidance of Tristone, which, like us, has an unwavering focus on delivering outstanding care and support. This perfectly aligns with the reputation we have built up across our four specialist nursing homes. Together we are committed to maintaining that focus, while expanding our presence and services throughout the region.”
Tristone adds significant value to its community businesses beyond investment through initiatives such as the Tristone Growth Enablement Platform and it independent safeguarding board. The board is made up of seven of the industry’s leading figures who are responsible for observing and overseeing care and safeguarding matters for Tristone Healthcare’s community of businesses.
Advisers to the transaction:
Tristone Capital: Moore & Smalley (finance & Tax DD); St Johns Legal (legal DD).
K Bond Healthcare/ Next Steps: Redwoods Dowling Kerr (broker); DHD & Co (accountants); Ison Harrison (solicitors).