Cambridge Health Group Acquires Cornerstone Healthcare in £71 million Deal

Cambridge Health Group, a specialist healthcare provider operating in the UAE and Saudi Arabia and wholly owned by Amanat Holdings, a Dubai-listed owner of healthcare and education businesses in the GCC, has acquired 100% of Cornerstone Healthcare, a UK-based provider of specialist care for people with complex conditions, from Ignite Growth, a UK-focused private equity firm, for an initial enterprise value of £71m

Cornerstone operates four specialist care homes with 283 beds across the South of England, providing care for individuals with complex dementia, neuro-progressive conditions, severe mental illness, acquired brain injury and neurorehabilitation needs. The business has relationships with NHS’s integrated care boards and local authority commissioners. Cornerstone’s management team, led by chief executive Paul Hayes, will continue to lead the business.

Amanat stated that the acquisition was funded through internal resources and is expected to deliver returns above Cambridge Health Group’s investment hurdle rate, adding that it expands Cambridge Health Group’s specialist capabilities and takes its capacity beyond 1,000 beds, supporting its new medium-term target of more than 1,500 beds.

John Ireland, chief executive of Amanat Holdings said: “This acquisition demonstrates how we are translating Amanat’s growth strategy into identifiable commercial and operational opportunities. Cornerstone is a leading specialist care business with an experienced team, complementary clinical capabilities and a clearly defined growth strategy.

“By combining Cornerstone’s expertise with Cambridge Health Group’s established operations and growth pipeline in the GCC, we are building a larger, more diversified specialist healthcare business. We will continue to pursue opportunities selectively, with a focus on disciplined capital allocation, returns that meet our investment criteria and sustainable value creation for shareholders.”