After it brokered a breakthrough £150-million deal for the Abu Dhabi-based VPS Healthcare Group recently, international private equity firm C&C Alpha Group (CCAG) has announced the sale of Alpha Hospitals to Cygnet Healthcare in a £95-million acquisition.
Cygnet Healthcare is the UK arm of the parent company, Universal Health Services (UHS), which has held the development as an ‘excellent geographical fit’ to their expanding UK business. The acquistion adds four new hospitals and 305 beds to the rapidly expanding Cygnet family.
Cygnet Healthcare is the UK arm of the parent company, Universal Health Services (UHS), which has held the development as an ‘excellent geographical fit’ to their expanding UK business. The acquistion adds four new hospitals and 305 beds to the rapidly expanding Cygnet family.
Launched in 2002 with CCAG’s financial backing, Alpha Hospitals is the largest purveyor of behavioural care services for adults and adolescents in England and is defined by its state-of-the-art facilities in Bury, Sheffield and Woking. It is known for excellence in a sector where secure settings are extremely critical and definitive of specialised tertiary care.
Patricia Hodgkinson, former CEO of Florence Nightingale Hospitals, initiated the group which was soon joined by C&C Alpha Group founder, Mr. Bhanu Choudhrie. With working associations with the NHS and its local commissioning partners, Alpha Hospitals grew on from its first site-- a disused hospital in 2003 in Woking, Surrey—to amass a turnover of £42.1 million for the year ended March 2014.
Since then, it has been attracting business interests from buyers and investors, including UHS—one of the largest hospital providers in the US.
"The strong interest we had from potential bidders and the price we ultimately received is testament to the strength of the business," said Choudhrie. "CCAG incubated Alpha Hospitals and invested in it for 13 years, allowing it to scale up and grow successfully. I am delighted it will continue to grow under a new owner.”
"Our approach is to back management teams which create long-term value. I was on the board at its inception and have always taken a close personal interest in the business. We will now be looking for new investment opportunities in healthcare and other speciality services", he added.
CCAG facilitates business interests in healthcare, hospitality, real estate, aviation, utilities and agriculture. Its £150-million deal with VPS for a cancer hospital in London will see the first full-scale proton beam therapy centre come up in the UK and is the first healthcare facility to be re-developed in over 30 years.
C&C Alpha Group is headquartered in London with offices in India. Established as a holding company for private venture capitalists with more than 30 years of industry captivity, it brings together entrepreneurs, strategy consultants, project managers and financial analysts to create stakeholder value through organic growth and strategic partnerships.
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