Optimo Care Group, backed by Oxygen Enterprise Partners, have completed the acquisition of Mayday Homecare (marketed as Project Chain). The deal was brokered by Altius Corporate Finance in combination with their sister company RDK.
Altius Corporate Finance provided transaction support services offering director input to the negotiation team and strategy advice services.
Mayday Homecare provides a range of care services providing more than 4,000 care hours per week to circa 500 clients. Mayday Homecare operate in Bolton, Bury and the surrounding areas of Greater Manchester, employing around 160 staff.
The deal represents a significant acquisition for Optimo who deliver over 12,500 hours of care per week across the North of England, employing over 700 people.
The sale of Mayday Homecare (Project Chain) was agreed in February 2022 with completion taking effect in August. The deal was brokered, managed and completed by Nathan Miller, Corporate Finance Executive for Altius Corporate Finance. Against the backdrop of uncertain economic conditions, Mr Miller managed to secure a strong multiple for the multi-million-pound transaction whilst maintaining total confidentiality throughout the deal until the point of completion.
Mr Miller, Altius Corporate Finance commented: “I would like to wish my clients Mr & Mrs Spackman all the best in the future as they retire and enjoy a new life away from running their successful homecare business. I would also like to congratulate Optimo Care Group on their acquisition, and I look forward to working with them in future transactions.”
Mr Spackman, former owner of Mayday Homecare commented: “Nathan Miller was the gentleman who dealt with us. Very impressed at his attitude capabilities and tenacity. As problems arose he dealt with them acting as an intermediator throughout the process. Very impressed’’
Mr Ben Hales, Optimo Care Group commented: “We are extremely pleased to have got this deal over the line and was a culmination of many months hard work from all involved. I would certainly work with Redwoods again in acquiring future acquisitions.
I would like to specially mention Nathan, who dealt with this transaction and was tirelessly working behind the scenes to keep the deal on track and be on hand to resolve any problems during the sale.
Going through a healthcare transaction of this size is never a straightforward process for any party involved, but I can’t recommend Nathan more highly.’’
