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CC Advert A5.indd 1 23/10/2014 15:16 1 chai patel, chairman, HC-One

The purchase of HC One and the NHP estate by a consortium led by US private equity firm Formation Capital, investment firm Safanad, US REIT HCP and Chai Patel’s Court Cavendish marked a watershed moment for the healthcare, and the latest chapter in an extraordinary career in the care sector. The deal was remarkable for a number of reasons – not least the international capital behind it – but perhaps its greatest significance is symbolic; the sale of the one-time sector behemoth NHP in many ways brought to a close the sorry chapter of the collapse of Southern Cross, a debacle the market has been trying to move past for years. Formed from the remnants of that business by its creditors in November 2011, Chai Patel and his management team at Court Cavendish were appointed to create a business out of NHP’s Southern Cross homes, stabilise occupancy and quality levels and re-establish focus and direction to a group of homes suffering from underinvestment and a lack of a collective identity. As equity partners in the business post-transaction, Chai and his team still have a number of challenges on their hands – as does any social care business that derives its revenues primarily from local authority fees in these straitened times – but his new investment partners will be hoping he can continue to apply the insight and instincts that have brought success over his long career in healthcare. Indeed, over the past 30 years, Chai has led and advised some of the largest UK care providers, including CareFirst, Westminster Health Care and the Priory Group. In 2007 Chai brought back the Court Cavendish name he established in 1988, to create a new health and social care turnaround consultancy. Chai is a fellow of the Royal College of Physicians, has been a member of government task forces for Older People & Better Regulation, and is a member of the 2013 Demos Commission on Residential Care. In 1999 Chai was awarded a CBE for services to the development of social care policies.

HealthInvestor Power Fifty 2014 3 2 3 Rob Roger, michael neeb, chief executive, president & chief Spire Healthcare executive, HCA International

Missing out on the top spot by the narrowest In an era when capital expenditure has of margins is the chief executive of Spire been hard to come by, Mike Neeb’s HCA Healthcare – Rob Roger, who has enjoyed International has set a shining example for a stellar year in 2014, leading the hospital the healthcare sector, with the London- group successfully through both the based private hospital group ploughing some Competitions & Market Authority process £500 million of investments into its tertiary and a public listing. services under his leadership. The last 12 months will no doubt have been Due to its prominence in London, HCA satisfying for Rob and his management team, has been a focal point of the Competitions & but it represents the culmination of sustained Markets Authority’s (CMA) investigation, but growth in the company. Indeed, under Rob’s Mike and his team have robustly defended guidance, EBITDAR at the group has climbed its market position, arguing that London and rapidly since 2007 with the group reporting a HCA competes in a global market driven by figure of £207.9 for the financial year ended quality and consumer choice. In January, 31 December 2013. HCA will appear before the Competition Rob’s leadership was fundamental in Appeals Tribunal and will be depending once helping Spire Healthcare float on the London again on Mike’s leadership to pinpoint where Stock Exchange, but in the last year Spire has the CMA got it wrong. also opened its first specialist radiotherapy Mike joined HCA from Ernst & Young in centre in Bristol and continued to invest in 1991 and served as chief financial officer at the overall portfolio of hospitals to grow new several different hospitals in the US, before services. moving to London in 2000 to become CFO Rob’s career spans over 25 years and of HCA International. He was subsequently includes working with Pepsico, First Choice appointed chief executive in 2006. Holidays and Merlin Entertainments.

4 HealthInvestor Power Fifty 2014 © 2013 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. CRT030246|November 2014 HEALTHCARE Focused on Focused Roger.Widdowson Roger.Widdowson Roger WiddowsonRoger Partner ServicesTransaction UK Head of Private Sector Healthcare e: @KPMG.co.uk what matters delivery solutions from trusted advisors. www.kpmg.co.uk/healthcare How can we help you focus on what matters? Andrew.Nicholson Andrew.Nicholson times, healthcaretimes, guidance insight, leaders and require Every patient is unique many yet of the challenges facing @KPMG.co.uk Andrew Nicholson Andrew Partner Corporate Finance Head of Healthcare M&A e: their healthcare systems are similar. In these unparalleled In these unparalleled similar. are healthcaretheir systems 4 5 ian smith, Tom Riall, chairman, Four chief executive, Seasons Health Care Priory Group

As chairman of Four Seasons Health Care, Ian The last 12 months represented impressive Smith holds one of the highest profile – and progress for Tom Riall and Priory Group – some would argue, toughest – jobs in the which remains one of the marquee brands care sector. in the UK healthcare services sector. While Following its acquisition by Terra Firma trading at the mental health and special in 2012, Ian has overseen the restructure of education giant has improved both in terms the group into three distinct business units, of revenue and ebitda, Tom and his team each with its own management team – all raised £230 million from the insurance fund against a backdrop of ramped up regulatory M&G in a sale and leaseback transaction inspections, increasing fee and cost of six of its facilities, including its flagship pressures and a generally negative public hospital in Roehampton. perception of major care homes operators. Tom has also proved a strong and Not to mention overseeing a number of articulate voice calling for greater acquisitions for the group. partnership between the public and private The next couple of years will prove crucial sectors in UK healthcare – not least round ones for care providers and Ian’s leadership the area of community services – and should play a significant part in addressing recently announced plans to open a clinic misconceptions about the sector. in the City of London to provide outpatient Prior to joining Four Seasons Ian previously psycotherapy services to financial workers. held chief executive positions at Reed Previously, Tom spent eight years at the Elsevier, Taylor Woodrow and General Serco Group. From 2010 to 2012, he led Healthcare Group. In 2007 he published a Serco’s Global Services Division, spanning book, ‘Building a world-class National Health 12 countries and employing more than Service’ and in 2010 he completed the ‘Smith 54,000 people. Between 2005 and 2010, he Review’, commissioned by Gordon Brown, on was chief executive of Serco’s UK Central civil service reform. Government Division.

6 HealthInvestor Power Fifty 2014 6 7 Pete Calveley, Saleem Asaria, chief executive, chief executive Barchester officer, Cambian Healthcare Group

When Dr Pete Calveley was confirmed as the Along with the emergence of US REITs, new chief executive of Barchester, following the reopening of the public markets for the retirement of founder Mike Parsons, healthcare services has been a major theme few people in the sector would have been of 2014 – and Saleem Asaria and his mental surprised by the choice of successor. Having health care provider Cambian set the tone announced he was leaving Four Seasons in April by announcing its merger with earlier in 2013, it was only a matter of time Advanced Childcare before floating. before Pete resurfaced in one of the top With a market capitalisation well in excess jobs in the sector – and chief executive of of £400 million, Cambian provides services Barchester certainly fits that description. for over 2,400 individuals in 249 services, At Barchester, Pete leads a dedicated working with over 140 public authorities and team of more than 17,000 staff who strive employing more than 6,000 people. to provide consistently high quality care Saleem Asaria began his career in services for more than 10,000 residents healthcare by building a family owned group across the UK. By focusing on the quality of of senior living businesses. In 2001, one of Barchester’s people, care settings, and the these businesses was merged with NHP, then individualised care delivered to its residents, the largest healthcare real estate company in Pete continues to earn the respect of the the UK. Saleem joined the company as chief sector for his commitment to achieving operating officer. excellence in the social care sector. After leading NHP’s entry into mental health During his six years in charge of Four services, Saleem, backed by private equity Seasons Pete brought financial stability and firm GI Partners, bought out the business and a new development capability to a business Cambian was born. Starting with just six units that had been highly over-leveraged during offering psychiatric rehabilitation, Saleem and the overheated market of the noughties. his team have built Cambian into a leading provider of specialist behavioural health services to children and adults.

HealthInvestor Power Fifty 2014 7 THE CBRE HEALTHCARE 8 9 TEAM Keith Crockett, Lawrence vice president – Tomlinson, Covering the entire UNDERSTANDING ACCESS Our team is led by sector experts who CBRE is able to offer our clients investments, Health chairman, LNT Group healthcare spectrum combine a deep understanding of the unrivalled access to global capital, new providing specialist operational, regulatory and economic partners and to innovative approaches Care REIT factors which have an impact on real to real estate strategy. This has made real estate valuation, estate in these complex markets with a fundamental difference to our strategic insight to help our clients clients’ businesses as our markets have consultancy and meet their objectives. undergone radical change. The emergence of the US REITs as With 30 years of experience in social care, transactional services powerhouses in the UK market has been Lawrence Tomlinson remains one of the DELIVERY INFLUENCE to our clients. Our Healthcare team have closed CBRE is at the forefront of the changes perhaps the major story of the past 18 most charismatic and influential leaders in approximately £700 million of in real estate markets. We have advised months, and Keith Crockett has been at the the market place – and he is also one of a transactions in the healthcare market on virtually every landmark healthcare since 2012 and have valued over transaction over the last three years. forefront of a number of the highest profile number of sector bosses to pursue alternate £15 billion of healthcare property in deals. financing routes in 2014. that time. We work to exceed client Keith serves as vice president – After completing a traditional bank-led expectations on a daily basis. investments for Health Care REIT in the £100 million refinancing in 2013, Lawrence United Kingdom. He joined the company in broke from the norm this year, agreeing a £51 March 2013 and manages relationships with million, 10-year debt facility with insurance From the initial instruction through existing and potential partners and financial fund L&G to help his company create new to completion CBRE took the time to institutions in the UK. care homes. fully understand our business model. A very impressive knowledge Since entering the market in 2012 through Lawrence’s business acumen is well We were particularly impressed with of our assets, our tenant, the CBRE’s knowledge of the sector and sector and importantly the investor We are reliant on their the purchase of a number of Signature’s UK recognised and he was named Institute of their team’s ability to respond within market. They accurately guided us understanding of the underlying care homes, Health Care REIT has made a Directors’ Overall Director of the Year in 2013 a short timeframe. to a realisable price and the likely operational businesses in order type of investor. to drive the rents and values. string of property-led investments into the and advised government as the Entrepreneur ANDREW L LONG FRICS And we have definitely seen that GROUP DEVELOPMENT DIRECTOR, premium, private pay end of the care market. in Residence in 2013-14 LNT GROUP type of input from them. LINDSAY MITCHELL Prior to joining Health Care REIT, Keith Lawrence runs LNT Group which employs DIRECTOR OF CORPORATE FINANCE MATTERHORN CAPITAL served as investment director, private equity, over 2,000 people across its five diverse STEFFAN FRANCIS DIRECTOR OF FUND MANAGEMENT, M&G for Lydian Capital. He also served as director, core businesses; Ideal Care Homes, LNT corporate finance with KC Capital in London, Construction, LNT Software, LNT Solutions worked in investment banking at UBS and and Ginetta. Ideal Care Homes has achieved held an economist role at Federal Reserve Investors in People gold status across their CONTACT US Bank of New York. care homes, demonstrating the consistency SPECIALIST MARKETS HEAD OF HEALTHCARE of high quality work throughout the homes. DAVID BATCHELOR TOM MORGAN t: 020 7182 2199 t: 020 7182 2190 e: [email protected] e: [email protected]

CAPITAL MARKETS VALUATION KEITH HARRIS BEN ROSEWALL t: 020 7182 2396 t: 020 7182 2143 e: [email protected] e: [email protected]

8 HealthInvestor Power Fifty 2014 THE CBRE HEALTHCARE TEAM

Covering the entire UNDERSTANDING ACCESS Our team is led by sector experts who CBRE is able to offer our clients healthcare spectrum combine a deep understanding of the unrivalled access to global capital, new operational, regulatory and economic partners and to innovative approaches providing specialist factors which have an impact on real to real estate strategy. This has made real estate valuation, estate in these complex markets with a fundamental difference to our strategic insight to help our clients clients’ businesses as our markets have consultancy and meet their objectives. undergone radical change. transactional services DELIVERY INFLUENCE to our clients. Our Healthcare team have closed CBRE is at the forefront of the changes approximately £700 million of in real estate markets. We have advised transactions in the healthcare market on virtually every landmark healthcare since 2012 and have valued over transaction over the last three years. £15 billion of healthcare property in that time. We work to exceed client expectations on a daily basis.

From the initial instruction through to completion CBRE took the time to fully understand our business model. A very impressive knowledge We were particularly impressed with of our assets, our tenant, the CBRE’s knowledge of the sector and sector and importantly the investor We are reliant on their their team’s ability to respond within market. They accurately guided us understanding of the underlying a short timeframe. to a realisable price and the likely operational businesses in order type of investor. to drive the rents and values. ANDREW L LONG FRICS And we have definitely seen that GROUP DEVELOPMENT DIRECTOR, LNT GROUP type of input from them. LINDSAY MITCHELL DIRECTOR OF CORPORATE FINANCE MATTERHORN CAPITAL STEFFAN FRANCIS DIRECTOR OF FUND MANAGEMENT, M&G

CONTACT US

SPECIALIST MARKETS HEAD OF HEALTHCARE DAVID BATCHELOR TOM MORGAN t: 020 7182 2199 t: 020 7182 2190 e: [email protected] e: [email protected]

CAPITAL MARKETS VALUATION KEITH HARRIS BEN ROSEWALL t: 020 7182 2396 t: 020 7182 2143 e: [email protected] e: [email protected] 10 11 Jill watts, joy Chamberlain, chief executive group chief executive, officer, BMI Partnerships in Care Healthcare (PiC)

2014 marked a transitional year for Jill Watts, After a few years of tough trading conditions after an eye-catching announcement in and relative stagnation in the corporate September confirmed she would be leaving market, the mental health sector burst into her role as chief executive of Ramsay Health life in 2014 with the IPO of Cambian Group Care UK (a position she had held since 2008) and the acquisition of both Cygnet Health to take on the top job at rival BMI Healthcare Care and Joy Chamberlain’s Partnerships in – the UK’s largest private hospital group. Care by respective American buyers. With over 35 years’ experience in In June, Acadia Healthcare – which healthcare, BMI’s owners will hope Jill can operates in 24 states in the US market replicate the success she has had over a – acquired PiC for £394 million. The turbulent time in the UK market. As an transaction should provide a new lease of organisation, Ramsay has gone from strength life for Joy and PiC, as the group is now well to strength, outperforming expectations year placed to grow both its business and its on year. Over a four year period, Jill doubled reputation as an innovator within UK mental both activity and profit while significantly health provision. improving patient and staff satisfaction. Joy is a respected leader, with over Jill is active in the industry and is 20 years of operational and commercial Make every square foot of investment count a passionate advocator for driving healthcare experience and has been improvement across the health care industry recognised as one of the most influential and for creating greater collaboration leaders in the independent healthcare sector JLL’s Healthcare business provides best in class advisory, transactional and investment advice across all healthcare property types and sectors. between the public and private sectors. in the UK. Joy was appointed group chief Between 2009 and 2012 she was the chair executive of Partnerships in Care in February Services include: of NHS Partners Network and is currently 2012, and chair of the Independent Mental • Strategic advice • Purchases, disposals & funding • Mergers & Acquisitions • Managing turnarounds a board member of both NHS Partners and Health Services Alliance in 2014. • Professional advisory • Delivering operational efficiencies AIHO. • Restructuring & refinancing • Recapitalisations

For more information, please contact one of our Directors

James Hanson Tim Edghill Martin LeGrice Lead Director - UK Healthcare Director - Corporate Finance Director - Alternative Investments [email protected] [email protected] [email protected]

10 HealthInvestor Power Fifty 2014

JLL_Healthcare-Investor_Ad_A5_Oct-2014.indd 1 20/10/2014 10:49:23 Make every square foot of investment count

JLL’s Healthcare business provides best in class advisory, transactional and investment advice across all healthcare property types and sectors.

Services include: • Strategic advice • Purchases, disposals & funding • Mergers & Acquisitions • Managing turnarounds • Professional advisory • Delivering operational efficiencies • Restructuring & refinancing • Recapitalisations

For more information, please contact one of our Directors

James Hanson Tim Edghill Martin LeGrice Lead Director - UK Healthcare Director - Corporate Finance Director - Alternative Investments [email protected] [email protected] [email protected]

JLL_Healthcare-Investor_Ad_A5_Oct-2014.indd 1 20/10/2014 10:49:23 12 13 Mike Parish, chief Ted smith, executive, Care UK various

Approaching his fourteenth year in the Care As chair of four different social care UK hot-seat, Mike Parish is undoubtedly companies, Ted Smith keeps one of the one of the sector’s most experienced most complicated diaries in the sector. and influential chief executives. Under his Having overseen the stabilisation, sale and leadership, the company has grown tenfold rebranding of European Care Group (now and Mike continues to be one the most Embrace), Ted continues to play an active articulate ambassadors for the independent role in the future of that organisation, but has sector. taken his considerable experience and talent Care UK has 7,000 care homes beds and and applied it to roles with Eden Futures, supports 13,000 people in the community, New Century Care and Tracscare. but is also a healthcare provider for the After qualifying as a pharmacist Ted NHS, carrying out 80,000 day or inpatient went on to spend 25 years in UK retailing, procedures a year, 400,000 outpatient holding senior roles with Boots the Chemists, appointments and supporting over 10 million WH Smith and The Big Food Group. In people through its primary care services. parallel he stayed close to healthcare with Prior to joining Care UK, Mike worked for non-executive positions with the Royal 20 years in the logistics industry within retail, Pharmaceutical Society and his local FHSA. brewing, manufacturing and automotive In 2004 Ted made a career move to social sectors across Europe and North and Central care when he joined Craegmoor, taking over America and was one of the youngest FTSE as chief executive shortly afterwards. After 100 main board directors. selling the business to The Priory Group Mike is a trustee and NED of the NHS in 2011 he took the reins at European Care Confederation. Group.

12 HealthInvestor Power Fifty 2014 14 15 David Mobbs, Dr Damien group chief Marmion, executive, Nuffield managing director, Health Bupa Health Funding

David Mobbs and Nuffield Health continue It’s been a tough couple of years in the to take a unique approach to the UK health private healthcare market and Dr Damien market. The standard private hospital Marmion – Bupa’s lead executive through business model is to compete with the NHS the Competition & Markets Authority (CMA) for patients by providing immediate access investigation – has been in the thick of it. to high quality care, but also work with it Now that the dust is beginning to settle to provide excess capacity at NHS tariff. on a process that has run for the best part But through the vision and leadership of of four years, it is difficult to identify the David Mobbs, Nuffield remains focused on winners and losers – except for the lawyers, improving the health of the UK population of course. However, Damien and Bupa made not only through treatment, but through a robust case for reforming the private prevention. hospital market and – as shown by the Through traditional hospitals, fitness new six-year pricing agreement with Spire and wellbeing centres, business and digital Healthcare – Damien is going to be central in platforms, David has delivered a national growing partnerships that benefit the sector network of services that connect with every as a whole. aspect of life which contributes to the health Damien has worked for Bupa for 21 years, and wellbeing of the UK. Overseeing and including five years in its UK insurance expanding a portfolio of over 300 sites, business and leading the development of David continues to evolve the charity to Bupa Asia. Damien was chief executive meet the demands of modern healthcare, officer, Max Bupa Health Insurance (Bupa’s while empowering consumers through joint venture in India) from 2008 to 2012. innovation and personalised health services.

HealthInvestor Power Fifty 2014 13 Most influential investor Keith Crockett, vice president – investments, Health Care REIT

Ever since Health Care REIT landed on the UK’s shores back in 2012 during the first phase of its Sunrise Senior Living real estate buyout, the US fund has hardly paused for breath. Spearheading Health Care REIT’s expansion into the UK healthcare property market has been Keith Crockett, its vice-president in charge of the REIT’s UK investments. Brought on board in 2013, Keith and Health Care REIT supported the management team’s buyout of Willowbrook from Graphite Capital in a deal said to be around £140 million in value. As a result 13 Willowbrook Healthcare homes operating under the Avery Healthcare brand came into the REIT’s portfolio. 2014 heralded a further blockbuster deal for the fund and Keith with the acquisition of Gracewell Healthcare in partnership with Sunrise Senior Living. The REIT acquired Gracewell’s 11 care home facilities from Patron Capital while Sunrise bought Gracewell’s management company, back in August. Given that Health Care REIT owns the Sunrise Senior Living real estate, a 20% stake in its management company and the majority stake in Sunrise’ joint venture arrangements, the Gracewell deal significantly builds upon Health Care REIT’s substantial clout in the sector. Crockett has worked in corporate finance for over 14 years and prior to joining Health Care REIT worked as an investment director for Lydian Capital after joining the firm in 2008. He has previously worked at UBS and the Federal Reserve Bank of New York. Crockett holds an MBA from Columbia Business School and an MSc from the London School of Economics.

14 HealthInvestor Power Fifty 2014 Deal of the year Spire Healthcare IPO

2014 has been a high octane year for Spire Healthcare. Just weeks after emerging unscathed from the Competition & Markets Authority’s investigation into the private healthcare sector, it took on the challenges of the public markets and successfully floated as a public company. Spire’s high profile launch onto the London Stock Exchange in July saw the markets value the private hospital chain at £842.3 million. The flotation enabled Spire to raise £315 million to help reduce its debt pile, fund the acquisitions of further hospitals and cover the costs of floating. The flotation got off to a slightly shaky start with shares priced at the bottom end of its hoped-for price range and flat trading at first. As brokerage Investec stated, the group had “suffered from coming to market after a line of IPOs”. However, trading activity picked up swiftly, due its “well invested estate, strong consultant relationships and industry leading clinical outcomes”. Share price at the private hospital group has rocketed up since the flotation as more and more investors have been sold on Spire and the healthcare market’s credentials. The market cap for Spire now stands at over £1.2 billion. Under the terms of the deal, the successful IPO led to a £36 million pay day for management and staff. Following the float private equity owner Cinven retains a 61.9% interest in Spire. JP Morgan Cazenove and Morgan Stanley were joint global co-ordinators, joint sponsors and joint bookrunners for the transaction. Bank of America Merrill Lynch was a joint global co-ordinator and joint bookrunner. Numis was co-lead manager. Spire Healthcare operates 39 private hospitals across the UK. It was formed in 2007 when Cinven acquired Bupa Hospitals in 2007 and rebranded it as Spire Healthcare. The private equity firm further expanded the group through purchasing Classic Hospitals, Thames Valley Hospital, and the London Fertility Clinic.

HealthInvestor Power Fifty 2014 15 HealthInvestor Growth Company Award 2014

Zolfo Cooper is proud to present the results of the HealthInvestor Growth Company Award for 2014. This award recognises the UK’s top 25 independent healthcare companies based on their growth in profit over their last three reported financial periods. Our second year of sponsoring this award sees the return of some familiar names from last year’s list and some interesting new entrants.

With 2014 seeing a degree of confidence return to the sector, as shown by greater funding availability, a healthy M&A market and even the return of the healthcare IPO, there is arguably a call for greater optimism. The period covered by our 2014 award captures the results from what has been a difficult time for the healthcare sector as a whole, with the government’s austerity measures taking full effect and a challenging regulatory environment putting pressure on sector participants. Against this backdrop it is encouraging to see the companies in our top 25 delivering some impressive growth rates, highlighting the resilience and strength of their business models.

Zolfo Cooper offers its congratulations to all the employees, management, equity providers and lenders for all the companies that have made it into this year’s top 25, particularly our winner, Nurse Plus.

Matthew Flower | Managing Director Head of Healthcare

t: +44 (0) 20 7332 5081 m: +44 (0) 7920 711642 e: [email protected]

16 HealthInvestor Power Fifty 2014

Nurse Plus (new entry)

Turnover: £35.5 million 1 Three-year adjusted EBITDA CAGR: 30.6% In a close run race for first place, Nurse Plus is this year’s winner of the HealthInvestor Growth Company Award with an annual growth rate of adjusted EBITDA of 30.6% over the three year period to 31 March 2014. Incorporated in 2005, Nurse Plus specialises in premium staffing solutions for domiciliary care users and the provision of temporary professionals to the healthcare sector, including learning disability and mental health units, care homes and hospitals. With a network of 35 branches across the UK, one of the USPs of the business is that it does not rely on a central call centre and instead, each branch provides its own out of hours on-call service meaning that its customers get the focused attention they require. Management attributes the success of the business to its committed and experienced personnel and its extensive recruitment and training programme at its own in-house training facilities, which ensures that it is able to provide healthcare professionals who are committed to delivering an excellent care service. Its latest annual report highlights how the business achieved 38% revenue growth in the year which was achieved across all care sectors. Domiciliary care made particularly good progress as a result of additional resources to this service line. The rationale for this being to take advantage of the growing demand for providing complex care services in a home setting as commissioners look to keep patients out of expensive acute settings, such as care homes and hospitals. In 2012 Key Capital Partners backed the £15 million management buy-out of the business, led by Heath Blake and his team. With Key Capital Partners’ investment and support, Nurse Plus was able to continue its expansion of the business across the UK which acted as a key driver of recent growth. Given Nurse Plus’ excellent performance, it is no surprise to see that the business was put up for sale, although at the time of writing we do not know who the successful bidder is. Whoever succeeds in acquiring the business will have a fantastic opportunity to help the business continue on its impressive growth trajectory.

18 HealthInvestor Power Fifty 2014 Midshires Care (2013 rank: 8 )

Turnover: £27.7 million 2 Three-year adjusted EBITDA CAGR: 30.4% Midshires Care, through Helping Hands, was set up in 1989 and is widely known as the one of the UK’s most respected providers of live-in care. The business is privately owned and provides specialist live-in care services for the elderly and those suffering from learning difficulties, acquired brain injury, dementia, multiple sclerosis, stroke, Parkinson’s or cerebral palsy. It currently employs over 1,000 carers. Given the strong reputation that Midshires Care has developed over the last 25 years, it is not surprising to see the business near the top of this year’s list yet again.

Gold Care Holdings (new entry)

Turnover: £21.2 million 3 Three-year adjusted EBITDA CAGR: 27.6% Gold Care was established in 1999 and operates 23 care homes in the UK focusing on residential, nursing, frail elderly and dementia. The business, privately owned by the Gidar family, has focused heavily on expanding its asset base in recent years. In 2012, the business further expanded its presence with the acquisition from Viridian Housing of eight care homes located in London and Birmingham. This acquisition has grown the portfolio to over 1,100 beds. Such growth expresses the owners’ desire to be one of the leading providers of dementia care in the UK.

TLC Group (2013 rank: 15 )

Turnover: £19.5 million 4 Three-year adjusted EBITDA CAGR: 26.1% TLC Group, which formed in 2007, currently owns and operates seven care home facilities in London and Cambridge specialising in dementia and other mental health care needs. The business also offers a Holiday Inn hotel located near Stratford, London. Its strong performance, which has seen it move into this year’s top five, has been driven by both the continued expansion of the estate and extensions to existing sites. The recent opening of the Cooperscroft care home in Hertfordshire and extended provision of facilities at Cherry Hinton demonstrates the group’s ambition to sustain these growth levels.

HealthInvestor Power Fifty 2014 19 Sevacare Holdings (new entry)

Turnover: £55.0 million 5 Three-year adjusted EBITDA CAGR: 23.3% Sevacare was founded in 1998 and is the sixth largest domiciliary care business in the UK. It is known for providing a specialist home care offering for dementia, specialist reablement and supported living. The business provides close to 93,000 hours of care support per week to over 7,500 people through a network of 48 branches. Following a refinancing supported by HSBC back in 2011, the business made a range of acquisitions including that of Prompt Care, its first branch in Wales. As a result of this acquisition strategy the business has experienced significant growth and is well placed to continue this growth in the coming years.

Maria Mallaband Care Group (2013 rank: 5 )

Turnover: £53.5 million 6 Three-year adjusted EBITDA CAGR: 22.0% Maria Mallaband Care Group (MMCG) was founded in 1996 and is now one of the UK’s largest independent providers of care. MMCG operates 64 care homes, offering a wide range of services from residential and nursing care for elderly people, to those with physical disabilities and adults with autism and learning disabilities. MMCG recently completed a sale and leaseback transaction with HCP, the US REIT, on 20 of its properties so it will be interesting to see how the new MMCG performs in future years.

Westminster Homecare (2013 rank: 23 )

Turnover: £33.9 million 7 Three-year adjusted EBITDA CAGR: 19.3% Westminster Homecare has been providing domiciliary care since 1999, offering personal care, medication, domestic support and dementia care. Its 3,000 strong team delivers these services through a network of 24 branches to privately funded individuals and local authorities. It provides around 50,000 visits per week to 6,000 people primarily in the South of England. Since 2012, the business has acquired Home Choice Care as well as launching a Cheltenham branch. This growth strategy is clearly working and demonstrates management’s continued desire to truly maintain the business as a leading player.

20 HealthInvestor Power Fifty 2014 ARGC (The Assisted Reproduction & 8 Gynaecology Centre) (2013 rank: 9 ) Turnover: £19.5 million Three-year adjusted EBITDA CAGR: 17.8%

ARGC is recognised as one of the world’s leading IVF clinics. Established in 1995 by Mohammed Taranissi, the business operates across three locations in Southern England, providing 1,700 fertility treatment cycles a year. Similarly to last year, the business continues to achieve the UK’s highest success rates in IVF and ICSI, significantly outperforming the UK average. Positive changes in NICE guidelines for the market in 2007, and the on-going trend of women choosing to delay child-birth have helped to foster growth. These attractive industry dynamics combined with the financial backing of CBPE Capital in 2012 should allow ARGC to build on an already excellent track-record.

Capstone Foster Care (new entry)

Turnover: £20.1 million 9 Three-year adjusted EBITDA CAGR: 16.7% Formed in 2007, Capstone is a fostering agency that supports over 500 carers across England. Capstone’s growth has been driven by recent acquisitions (Capital Children’s Services and Premier Foster Care) as well as favourable conditions in the private sector foster care market. Having been rated outstanding by Ofsted, Capstone’s quality service along with a growing private foster care market suggests it is well placed to exploit further growth.

Westgate Healthcare (new entry)

Turnover: £14.3 million 10 Three-year adjusted EBITDA CAGR: 16.4% Westgate Healthcare operates eight care homes catering for the elderly across Hertfordshire, Buckinghamshire and London, which provide a wide range of services from full residential, nursing and dementia care, to respite and intermediate support to both local authority and privately funded residents. Since forming in 1993, the family-run business has grown steadily and this growth is likely to be sustained given its healthy pipeline of development projects.

HealthInvestor Power Fifty 2014 21 HealthInvestor Growth Company Award 2014

Rank Rank Company Turnover 3 year adjusted 2014 2013 (£m) EBITDA CAGR

11 New entry Spire Healthcare 595.9 14.4%

12 New entry Shaw Healthcare 84.6 14.2%

13 20 Hillcrest Care 35.8 13.5%

14 New entry Springcare 12.0 13.5%

15 19 Runwood Homes 93.7 13.1%

16 New entry Rodericks 28.9 12.5%

17 New entry Potensial 14.5 11.4%

18 12 Somerset Care 80.5 10.1%

19 1 The Injury Care Clinics 28.5 8.5%

20 10 Hesley Holdings 34.9 8.0%

21 New entry Oasis Healthcare 158.1 7.8%

22 New entry Inhealth 75.0 7.0%

23 13 Acer Healthcare 19.0 7.0%

24 25 Healthcare Homes Holdings 43.3 6.8%

25 New entry HCA International 437.7 6.5%

22 HealthInvestor Power Fifty 2014 The growth COMPANY report 2014

The full report will be included in the December/January issue of HealthInvestor magazine

Methodology

Profit measure

Profit is measured as adjusted EBITDA which is defined as earnings before interest, taxation, depreciation, amortization and exceptional items. Directors’ remuneration is added back to remove the distortion created by the means through which cash may be extracted, principally from private companies.

Timeframe

Profit growth is measured by the compound annual growth rate over three years and the analysis had a cut-off date of 30 September 2014 for account filing.

Qualifying companies

Qualifying companies must be UK registered and have had turnover of at least £10 million and profit of at least £1 million in the base year from which profit growth is calculated.

Companies that have grown through acquisition are included as are subsidiaries of quoted companies to the extent that the financial results of the relevant subsidiary are reported separately.

HealthInvestor Power Fifty 2014 23 Mike Adams, Justin Ash, chief executive, chief executive officer, Octopus Healthcare Oasis Healthcare

Mike Adams is chief executive officer of As chief executive of Oasis Healthcare since Octopus Healthcare, incorporating MedicX, 2008, Justin has firmly established it as the a position held since the company was leading private branded dental chain. Oasis established in 2005. has a strong reputation for focus on patient As an experienced property investor care and high quality dentistry, an impressive focused on the healthcare industry, Mike has track record of consistent private like-for-like a long track record of healthcare investment growth and also plays a leading role in NHS and development. In 2006, Mike established dentistry provision. the LSE-listed MedicX Fund, which to date Backed by Bridgepoint since 2013, Oasis has committed £500 million of investment has recently acquired Smiles Dental and into the primary care sector throughout the Apex, along with a continuing pipeline of UK. smaller acquisitions, and its practices now In 2010 Mike established MedicX number over 310 and growing. Healthfund, a limited partnership investing Prior to joining Oasis, Justin was MD of in specialist healthcare and elderly care Lloyds Pharmacy for five years, where he premises in the UK with over £300 million grew the estate from 1,250 to 1,750 outlets. invested. Justin has held several other senior retail positions including general manager of KFC in the UK and Ireland, and was previously a senior consultant with Bain and Company in London and Paris.

24 HealthInvestor Power Fifty 2014 Paul Birley, Andy Brookes, head of healthcare, partner and head Barclays of healthcare, Hazlewoods

Paul started at Barclays in 1981, heading Andy is a partner and head of healthcare at up the bank’s healthcare team for the Hazlewoods, an accounting firm with 250 last 15 years. During that time Barclays staff, of which 30 are dedicated to the health has continued to expand its portfolio of and social care sector. Andy is responsible healthcare clients covering all aspects of for teams providing corporate finance, due the sector. Paul also takes an active part in diligence and audit and advisory services to supporting the sector arranging networking clients in the sector. events and conference calls whilst also being The team have built an enviable reputation a regular participant at many industry events over the past 22 years, working with many of The team’s aim remains ‘to give people in the mid-market private equity houses, banks, care a better experience’ and this is achieved private companies and investors. The team by supporting and helping those operators have a deep knowledge of issues affecting deliver great care clients. Barclays won the HealthInvestor Lender/ Andy has helped deliver significant Bank of the Year award between 2009 to growth, with major client wins across the 2012 and then again in 2014. teams, but there has been particularly strong growth in tax, audit and advisory, given the constructive proactive assistance they can give clients.

HealthInvestor Power Fifty 2014 25 11_17 Coldharbour - outlines.pdf 1 11/17/2014 2:43:17 PM

Stephen Collier, Dominic Dalli, (formerly) group partner, Sovereign chief executive, BMI Capital Healthcare

Until November 2014, Stephen Collier was Dominic joined Sovereign in 2002 and has group chief executive of BMI Healthcare, a been a partner since 2008. His core area of post he held since 2011. expertise is healthcare services, where he He has previously worked in a variety of has led a number of exited investments, such line management and support roles in the as SENAD, Tracscare, National Fostering private healthcare sector, across a long Agency and City & County Healthcare Group. career – including operationally managing Current investments in the sector which he a number of international healthcare has led are Christchurch Group, Partnerships investments across Europe and Scandinavia. in Children’s Services and Hillcrest Care. He was also chief executive of a private Dominic sits on Sovereign’s Investment hospital in Glasgow. He has worked as Committee. strategy director at BMI and supported the Prior to Sovereign, Dominic trained as a development of the group’s current strategy chartered accountant with Grant Thornton on the NHS, and on NHS engagement and spent several years at Deloitte Corporate generally. Finance. Dominic has a BA in French and German from the University of Exeter.

26 HealthInvestor Power Fifty 2014 11_17 Coldharbour - outlines.pdf 1 11/17/2014 2:43:17 PM Edward de Nor, Stuart Dean, partner, G Square (formerly) national head of healthcare & pharmaceuticals, RBS

Edward de Nor is a partner at G Square, a Until October of 2014, Stuart Dean pan-European private equity firm dedicated was the national head of healthcare & to the healthcare sector. pharmaceuticals for The Royal Bank of Edward began his career in 1989 as an Scotland’s corporate bank. electrical engineer with IBM and in 1991 In this role both he and his team focused joined the firm’s corporate development on a full spectrum of private sector group. In 1994, he accepted an opportunity healthcare & pharmaceutical businesses. to move to Wall Street, initially with Prior to taking up this role in February Citigroup and Wasserstein Perella before 2012, Stuart spent eight years working joining Goldman Sachs’ principal investment alongside private equity on a variety of area in 2000. transactions, including Priory Group and Care In 2002, he moved to London and became UK. regional head of Goldman Sachs’ UK and Stuart is a qualified accountant having Northern European private equity business. spent periods at KPMG, in industry as well as In 2007 Edward established Carrycastle, business restructuring. providing merchant banking services and co- venturing with high net worth private family clients. Edward received a BS in electrical engineering from Texas A&M University and an MBA from Rice University.

28 HealthInvestor Power Fifty 2014 Gareth Down PhD, Tim Edghill, managing director, european director William Blair & head of M&A – corporate finance, JLL

Gareth Down PhD is a managing director Tim is lead director of the UK mergers & and head of William Blair International’s acquisitions and restructuring team at JLL successful European healthcare franchise. Corporate Finance. He has over 20 years’ Having been with William Blair since 2000, experience in the sector and provides wide Gareth has significantly expanded the firm’s ranging advice to clients on all aspects healthcare practice to provide investment of transactions, reorganisations, capital banking services to a wide range of high raising and business growth. He has been growth, mid-market healthcare clients. responsible for the delivery of a series In the last 12 months alone, Gareth has of healthcare transactions over the last successfully completed multiple high profile few years. He was the architect of and UK healthcare transactions, most notably: delivered the complex restructure of Myriad the divestiture of McKesson’s International Healthcare. The transaction, worth over Operations Group to Symphony Technology £380 million, leaving the business debt- Group; the sale of Quotient Bioresearch’s free and with a recapitalised development Clinical Division to Bridgepoint Development programme. Capital; and the sale of CliniSys Group to Tim was a member of the seven man Montagu Private Equity. Prior to joining restructure committee that implemented the William Blair, Gareth spent many years in complex wind down of Southern Cross in scientific research having completed his PhD 2011. He is currently leading the acquisition, in clinical biochemistry. funding or recapitalisation of a series of innovative new projects in the sector and works very closely with a number of major international investors, specifically the specialist US healthcare REITs.

HealthInvestor Power Fifty 2014 29 Julian Evans, Wayne Felton, partner, head of (formerly) managing healthcare, Knight director, MiHomecare Frank

Since 1994, Julian has concentrated on the Until September 2014, Wayne Felton was valuation, acquisition and disposal of trading the managing director of Mitie’s Healthcare businesses. As of 2000 he then specialised division, before leaving to take another role in healthcare consultancy, now annually within Mitie. advising on approximately £8 billion of He oversaw the acquisition of homecare healthcare property. provider Enara Group from August Equity in Within the last two years his team has October 2012 together with its integration won 24/26 trophy pitches securing major into Mitie and subsequent rebranding as portfolio valuation, disposal and consultancy MiHomecare. mandates. Major clients include Bupa, Spire, In January 2014 he led the acquisition of Four Seasons, BMI and Barchester. Complete Group from Housing 21, extending Julian’s experience has primarily concerned Mitie’s capabilities into the provision of acting for corporate & private operators, complex care. Today Mitie employ over banks, institutions and funds in the valuation, 7,000 people within the care sector. During acquisition and disposal of fixed income and the last 15 months Wayne has also been trading care homes, specialist care homes, heavily involved in the Uniting Care Partners’ hospitals, day centres, medical surgeries, bid for Cambridge & Peterborough CCG’s investments and C2 development sites Frail and Elderly Care Pathway contract. throughout the UK & Europe. Further work has included that of care villages, retirement apartments and day nurseries.

30 HealthInvestor Power Fifty 2014 Hedley Goldberg, Philipp Gutzwiller, managing director, global head of healthcare, Rothschild commercial banking, Lloyds Banking Group

Hedley is managing director and head of Philipp Gutzwiller is leading the coverage healthcare services at Rothschild in London. of global corporate clients in the healthcare He has been with the firm since 2001. sector for Lloyds Banking Group. He has Hedley has advised many UK and accumulated over 15 years as a banker to international healthcare clients. In the recent the pharmaceutical industry, the majority past, he has advised on the sale of Voyage of which for UBS Investment Bank, advising Care, the IPO of Cambian Group, LuxMed on both corporate and private equity clients on its sale to BUPA, Four Seasons on its sale acquisitions, disposals and capital market to Terra Firma and its acquisition of Avery, transactions in the pharmaceutical industry. Bridgepoint on its acquisition of Oasis, Priory Before joining Lloyds Banking Group, on its sale to Advent, Mediq on its sale of Philipp worked for an M&A boutique advising ACP and Maria Mallaband on its sale and clients across the broader healthcare leaseback to HCP. industry. He started his career in the Hedley is a qualified solicitor, and prior corporate finance division of Roche as a to joining Rothschild he worked at Barings financial controller and later worked in the Brothers. firm’s corporate M&A team. Philipp is Swiss and holds a master’s degree in finance and economics from the University of Basel, Switzerland.

HealthInvestor Power Fifty 2014 31 Choose wisely HCMS 2014 A5 port_Layout 1 04/11/2014 11:16 Page 1

James Hanson, Keith Harris, lead director – senior director healthcare, JLL capital markets, CBRE

James leads JLL’s UK Healthcare team in Keith runs the healthcare real estate London, Bristol, Leeds & Edinburgh and is a brokerage team at CBRE based in London recognised national property specialist in the and active throughout the UK and Europe. Sometimes the health and social care sectors. Keith has over 30 years’ experience with He has extensive experience of advising CBRE in the capital markets and recent healthcare operators, social care companies, notable sales transactions include: five differences aren’t obvious. landlords and investors and has a deep Sunrise Senior Living Communities in the UK understanding of how private sector to Health Care REIT for £154 million; 11 clinics HCMS has: businesses can create value and work in Germany to Medical Properties Trust •An experienced Head Office team collaboratively with the public sector. for €175 million; 13 Methodist Homes care James’s work covers corporate strategy, homes in the UK to Legal & General for £70 •An established national base commercial due diligence, valuation, million; seven Mencap care homes in the UK •A proven track record investment and development across elderly to Investra for £17.1 million and three Spire •Class leading systems care, specialist care and education, hospitals hospitals in the UK to Ventas for £110 million. and primary care. Current transactions include funding new •A scalable solution Recent transactions have included the sale hospital development in the UK and further of CircleBath private hospital to MPT and two hospital sales in the UK and USA. If you need the job doing right, first time, choose wisely. MHA care home investments to L&G along with the funding of one of the country’s Healthcare Management Solutions, the country’s leading largest primary care investment schemes in care home management and consultancy business. recent years in Chester by PHP for Watkin Jones Group. James sits on the newly formed BPF Healthcare Committee. Prior to JLL, James www.hcsolutions.co.uk headed up the King Sturge Healthcare team. HEALTHCARE Sponsors of the MANAGEMENT HealthInvestor Summit SOLUTIONS

32 HealthInvestor Power Fifty 2014 Choose wisely HCMS 2014 A5 port_Layout 1 04/11/2014 11:16 Page 1

Sometimes the differences aren’t obvious. HCMS has: •An experienced Head Office team •An established national base •A proven track record •Class leading systems •A scalable solution If you need the job doing right, first time, choose wisely. Healthcare Management Solutions, the country’s leading care home management and consultancy business.

www.hcsolutions.co.uk HEALTHCARE Sponsors of the MANAGEMENT HealthInvestor Summit SOLUTIONS Aatif Hassan, Martin Henrichs, partner, August managing director, Equity Credit Suisse

Aatif joined August Equity in 2005. He was Dr Martin Henrichs is a managing director of previously at Close Brothers Corporate Credit Suisse and head of healthcare services Finance and PwC. investment banking for the EMEA region, Aatif led the Active Assistance, Aspirations, based in London. Before joining Credit Suisse Compass, Independent Vetcare, Enara, in 2007, he worked at JP Morgan in London FSP, Lifeways Community Care, Minerva and Frankfurt. Education and The Old Deanery investments Dr Henrichs has completed a large number and worked on the Healthcare Homes Group, of advisory and financing transactions for Imagine Publishing and Planit Holdings leading healthcare companies such as Bayer, investments. Fresenius, GSK, Life Healthcare, IDH, IHH, Aatif is a non-executive director of Active Mediclinic, Priory, Saga and Siemens, with Assistance, Aspirations, Compass, FSP and cumulative transaction volumes in excess of chairman of Minerva Education and The Old $100 billion. Deanery. 2014 transactions include the £400 million notes offerings for Care UK, the £100 million notes offering for IDH, the £633 million IPO of Saga, the EUR 1.1 billion acquisition of Médi-Partenaires by Bridgepoint, the sale of Senevita to Orpea, the sale of a 65% stake in Medical Park to Turkven, the EUR 1.1billion sale of Medica to Korian, the EUR 150 million IPO of ESS and the EUR 500million /EUR 300 million convertible bond and notes offerings for Fresenius.

34 HealthInvestor Power Fifty 2014 Paul Jeffery, Bart Johnson, chief executive, chief executive, Caring Homes Group Virgin Care

As chief executive officer, Paul Jeffery has Bart’s early career began in the developed the Caring Homes Group from pharmaceutical industry, before joining the a single care home operation to a highly NHS in 2000 as chief executive of Putney & respected, quality focused health and social Roehampton Primary Care Group. Following care group which celebrated 20 years of a stint as director of strategy and deputy great care and support in 2014. chief executive at Sutton & Merton PCT he Encompassing acute psychiatric treatment, was appointed chief executive at Chiltern & specialist learning disability support services South Buckinghamshire PCT in 2003. and elderly residential, nursing and dementia Bart left the NHS in early 2006 to become care, Caring Homes Group provides support managing director of Assura Medical and to over 3,000 individuals. in October 2008 became group business In its first 20 years, Caring Homes development director across the Assura Group has been recognised as a leading Group. Bart became chief executive when provider and received numerous accolades Virgin became the majority shareholder of accreditations and awards. It is a group that the company in March 2010 and has led truly sets standards, whilst maintaining its Virgin Care ever since, growing it to 5,500 strong family values. staff that treat more than a million patients Over the next five years Paul will a year. continue to drive development and growth in Caring Homes Group; this will include commissioning a number of highly prestigious new care home developments for elderly people and specialist support services for adults with learning disabilities and additional complex needs within the specialist division Consensus.

HealthInvestor Power Fifty 2014 35 Liz Jones, partner, David Jones, ISIS Equity Partners partner, Deloitte

Liz Jones has spent 17 years in the private David leads the dedicated Deloitte equity industry, initially at Barclays Ventures healthcare and life sciences corporate and since 2001 at ISIS Equity Partners where finance practice. For over a decade, David she is a partner. has advised on M&A in the sector including ISIS is an independent private equity firm buy-side and sell-side transactions, JVs and investing in UK based growth companies public sector partnerships. Clients praise with robust business models, typically valued his hands on approach – “expertise with from £5 million to £100 million. a human face” and “deals delivered with Liz is responsible for ISIS’ activities in unyielding commitment and professionalism”. the healthcare, social care and education He has been at the forefront of high profile sector, where it has built a strong reputation and innovative deals, working with clients for supporting businesses to grow both including Bupa, United Drug and various organically and through acquisition. ISIS has financial investors. invested in a number of businesses in the At the 2013 and 2014 HealthInvestor sector since 2001, spanning primary care, Awards, the team was recognised as secondary care, healthcare IT, supported Corporate Financier of the Year. With a living and specialist education. strong track record of success driven by Examples include Williams Medical deep industry knowledge, David’s team Supplies, the SLC Group, ScriptSwitch, works with a variety of clients across a range Create Health, Happy Days Nurseries and of sub-industries from healthcare services to Pathway Care. ISIS has also provided capital pharmaceuticals on a global scale. and support for a number of buy and build programmes in the sector, completing over 20 acquisitions across its healthcare portfolio over the last 10 years.

36 HealthInvestor Power Fifty 2014 Dasos Kirtsides, Richard Lunn, deputy divisional director and head head, healthcare, of healthcare, Santander Christie + Co

Dasos has been in corporate banking for Richard Lunn, director and head of over 20 years with more than 12 of those healthcare of Christie + Co, has over 25 years dedicated to healthcare. In 2006, Dasos of experience in transactional and advisory played a major role in creating the new work in the healthcare industry. Santander healthcare team from scratch to a Richard joined Christie + Co in 1989 from current portfolio of over £2 billion. McCarthy and Stone and has headed the Dasos recently moved in to a leadership largest UK team of chartered surveyors and role which has kept him, Santander and his agents in the healthcare arena since 1997. team at the forefront of healthcare. Christie + Co transacts over 250 healthcare Dasos has a proven track record in related deals every year and provides formal generating high volumes of business & valuation and advisory work on many major has gained an outstanding reputation of corporate transactions. Advisory projects delivering a top class service. this year include Voyage, TRACS and HC- Dasos and his team are continuing to One. expand their healthcare book and through his leadership their strategy will be purely focused on continuing to offer an amazing service everyday whilst helping top quality operators deliver a great service to those who need it the most.

HealthInvestor Power Fifty 2014 37 Platinum partner: Property

Gold partner:

Advisory & Finance

Why enter?

Confi rm your position as a leading player in your respective fi eld HealthInvstor Awards 2015 Feature in our sector The HealthInvestor Awards is the specifi c marketing most eagerly anticipated event in the health industry with an Network both within attendance of over 1,200 leading your sector fi gures in healthcare. Awards will be across the presented throughout the evening whole industry to highlight outstanding success and achievement in the sector. Gain the The Awards provide an unrivalled recognition opportunity for networking, that the branding and sponsorship, including innovation and months of profi ling through our endeavour extensive advertising and marketing of your staƒ in addition to the remarkable deserve Awards ceremony itself. Platinum partner: Property BRINGING THE HEALTHCARE SECTOR TOGETHER

Technology Social care

Gold partner:

Advisory & Finance

Investment

Why enter?

Confi rm your position as a leading player in your respective fi eld HealthInvstor Awards 2015 Feature in our sector The HealthInvestor Awards is the specifi c marketing most eagerly anticipated event Clinical in the health industry with an Network both within services attendance of over 1,200 leading your sector fi gures in healthcare. Awards will be across the presented throughout the evening whole industry to highlight outstanding success and achievement in the sector. Gain the The Awards provide an unrivalled recognition opportunity for networking, that the branding and sponsorship, including innovation and SUBMISSIONS months of profi ling through our endeavour extensive advertising and marketing of your staƒ OPEN SOON in addition to the remarkable deserve Awards ceremony itself. visit: www.healthinvestor.co.uk Kenneth Paul Marriner, MacKenzie, founder chief executive, and managing partner, Lifeways Group Target Advisers

Kenneth is the founder and managing partner Paul qualified as an RNMH and RMN and of Target Advisers, a specialist investment from the mid 1980s worked in the NHS in a manager in the healthcare investment sector. senior management role, where he remained A chartered accountant, Kenneth has over until 1993. 40 years of business leadership experience. On completing his degree in 1993, Paul Target is investment manager for two left the NHS to join the independent sector discrete investment vehicles with around overseeing large reprovisions of hospitals £200 million of assets under management. into supported living across the Northeast, Kenneth founded the Kames Target Northwest and central part of the UK. Property Unit Trust, launched in February In 2000, Paul joined Lifeways, a small 2010 in partnership with Kames Capital, organisation with a turnover of just over and the Target Healthcare REIT, a London £2 million. In the role of operations & Stock Exchange-listed company which development director Paul supported was launched in March 2013. Both property the organisation to grow and, in 2007, he funds invest in modern purpose built care undertook an MBO and he became the chief homes. Target’s mission is ‘investing in care, executive, a move backed by August Equity. delivering returns’. In 4.5 years, he took the business from £36 Prior to founding Target, Kenneth was an million to £112 million revenues. active adviser, investor and operator in the In June 2013, Paul undertook a secondary healthcare sector. MBO backed by Omers Private Equity. Lifeways supports close to 4,000 individuals with learning disabilities/mental health and acquired brain injuries including those with complex needs and has 7,000 employees.

40 HealthInvestor Power Fifty 2014 Steve Melton, Jonathan Millet, chief executive, director, GI Partners Circle Health

Steve has over 22 years of experience of Jonathan joined GI Partners in 2010 and leading large scale operations. Prior to is responsible for the sourcing of new Circle, he was the supply chain director at investment opportunities. He also oversees Argos, where he led a number of operational GI’s investment in the Cambian Group which improvement programs. he was a board director of until its IPO at an Previously, he was supply chain director at EV of circa £530 million in April 2014. Scottish Courage, managing over 3,000 staff In addition to Cambian, Jonathan and a £165 million cost base. was previously a board director of Care He began his career on Unilever’s Aspirations and was involved in the sourcing Management Trainee Program, and has held and build-up of Advanced Childcare, the a number of roles at Unilever, Elida Faberge UK’s largest provider of residential children’s and ASDA. Steve holds an MA (First Class) in homes. Prior to GI Partners, Jonathan worked chemical engineering from the University of within healthcare at The Carlyle Group and Cambridge. he began his career in investment banking at Rothschild. Jonathan received a BSc in Economics from the University of Warwick, a Diplôme in International Relations from Sciences- Po, Paris and completed the CFA in 2010. Jonathan is active in the voluntary sector where he is a Trustee of Age UK Kensington & Chelsea.

HealthInvestor Power Fifty 2014 41 Our innovative approach to talent acquisition…

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Capital healthcare corporate Our approach finance, KPMG is ruthless simplicity – Arun Nagwaney is a director at Anchorage Andrew Nicholson, head of healthcare we listen, we consult, Capital Europe, and led the US hedge fund’s corporate finance at KPMG, has over 15 we apply our expertise recent entry into the UK care market. years’ experience in healthcare, owning and formulate an In February of this year, Anchorage Capital and operating healthcare businesses as Group became the cornerstone investor in well as advising companies, investors & appropriate solution. New Century Care (NCC). At the time, it management teams on transactions. Andrew was reported that Anchorage acquired £80 joined KPMG eight years ago and has built a The message from our longstanding clients is clear. No longer is the human million of debt from Lloyds Banking Group dedicated healthcare advisory team which capital challenge just about hiring new recruits – it’s much broader than that. for the controlling stake in the care home has advised on many of the UK’s healthcare So we adopt a value-add proposition that is uniquely positioned to tackle group. services transactions. Examples in the last traditional recruitment requirements, alongside additional services that meet NCC operates 27 care homes, with 1,279 few months include leading the sale of client need by simply reacting to their wider commercial challenges. registered beds, located in the South East, Asteral to Permira, the sale of European North Yorkshire and West Yorkshire Care Group to D. E. Shaw Group and Värde Anchorage Capital Group is a New Partners and the sale of City & County to York-based registered investment adviser Graphite Capital. founded in 2003. The firm manages private Executive Executive Contingent Interim & investment funds across the credit, special Search Selection Introduction Consultancy situations and illiquid investment markets of North America and Europe using an active long and short basis, with particular focus on defaulted and leveraged issuers. Call Carter Schwartz now on +44 (0)203 102 4835

23 Hanover Square, London, W1S 1JB I One Temple Quay, Bristol, BS1 6DZ [email protected] I www.carterschwartz.co.uk 42 HealthInvestor Power Fifty 2014 Our innovative approach to talent acquisition…

Our approach is ruthless simplicity – we listen, we consult, we apply our expertise and formulate an appropriate solution.

The message from our longstanding clients is clear. No longer is the human capital challenge just about hiring new recruits – it’s much broader than that. So we adopt a value-add proposition that is uniquely positioned to tackle traditional recruitment requirements, alongside additional services that meet client need by simply reacting to their wider commercial challenges.

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23 Hanover Square, London, W1S 1JB I One Temple Quay, Bristol, BS1 6DZ [email protected] I www.carterschwartz.co.uk Mike Parsons, Mark Salter, senior non-executive partner, Bowmark director, McCarthy Capital and Stone

Mike Parsons formed Barchester Healthcare Mark Salter is a senior partner at Bowmark in 1992 after a career in advertising that saw Capital where he heads up the healthcare him rise to the position of chief operating team. Bowmark is one of the most active officer for Saatchi & Saatchi’s international investors in UK healthcare, investing between business. £10-50 million, with a reputation for focusing He also spent two years in the USA where on providers with the highest quality of care he researched various new business ideas and demonstrable care pathways. Bowmark’s including long term care. Returning to the UK past and present healthcare investments in 1992 he set up Country Life Care Centres include Care Fertility, Glenside Manor, which merged with Eskgrove in 1994 to Healthcare Homes, and Kisimul School form Barchester Healthcare. Barchester has Group, amongst others. grown from a single care home operator In December 2014, Bowmark announced to a billion pound organisation with 200 the closing of Bowmark Capital Partners homes throughout the UK. He retired as chief V at £375 million, following a heavily executive in the summer of 2013. oversubscribed fund raising process which Mike is now a non executive director of lasted only 10 weeks. McCarthy and Stone, the brand leading Mark has worked in Private Equity for 15 retirement housing builder, where profits years and at Bowmark for 13. Prior to that, he have increased five-fold since he joined. He worked in corporate finance with PwC for 9 remains chair of The Barchester Charitable years. Foundation, vice chair of Care England, non executive of Connect Physiotheraphy, and That Device, the technology company developing internet products for the ageing society. He also advises various private equity firms.

44 HealthInvestor Power Fifty 2014 Terry Scicluna, Daniel Smith, chief executive partner, Grant officer, Integrated Thornton Dental Holdings

Terry Scicluna is the chief executive officer With almost 20 years private care sector of Integrated Dental Holdings after his experience, Daniel is Grant Thornton UK’s appointments to the board in November head of private healthcare and a partner in 2013. its advisory department. Terry has 40 years of UK healthcare and Daniel has provided a range of advisory retail experience. Prior to joining Integrated services to the healthcare sector including; Dental Holdings, he spent nine years with fundraising, mergers and acquisitions, exit Alliance Boots where he held various senior planning, restructuring and recovery. The positions, including from 2010 to 2013 as team have recently completed 25 M&A international managing director responsible deals in the sector, been involved in the for all Boots stores and brands outside of the restructuring of a number of private hospitals United Kingdom. and in excess of 1,000 nursing and residential Terry was managing director of Unichem care homes (elderly and specialist care). In for Alliance Boots from 2007 to 2008 the last 12 months he has been involved in all with turnover of £2 billion, and was chief of the major restructurings across the sector. operating officer of Alliance Boots and Daniel chaired the Southern Cross deputy managing director of its Alliance Landlords’ Committee and was a member Pharmacy from 2002 to 2007. of the formal Southern Cross Restructuring Committee. Recently Daniel was requested to join the technical committee chaired by the Department of Health’s director general of social care, advising on the future regulation of private sector care.

HealthInvestor Power Fifty 2014 45 essential reading for the business of healthcare

HealthMarch 2014 vol 11 •no 2 Investoressential reading for the healthcare business Health S Investoressential reading for the healthcare business

HealthFebruary 2014 vol 11 •no 1 Investoressential reading for the healthcare business

HealthNovember 2012 vol 9 no 9 Investoressential reading for the healthcare business • Community service Ruby McGregor-Smith Trading on Mitie’s expansion places into domiciliary care Competition Commission unveils Crossing divestment ruling the Rubicon Jim Easton on swapping the NHS for Care UK

Global capital Andy Burnham Choose & Does the UK still On a mission Book

September 2013 excite investor to ‘save the NHS’ Real choice

HealthInvestor and PwC supplement: Crossing the product/service divide interest? still a hit and Russia Dementia care NHS Circle Round table HealthInvestor Fostering miss affair round table Competition Integrated care: Will share Integrated Joining the dots... Can the MD Medical Care homes are outsourcing generosity care: Joining private sector Group spies underinvesting, The boom that

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HealthInvestor Power Fifty 2014 47