The business is being acquired from its founding shareholders for an undisclosed sum, with additional funds being invested to support the roll-out of the company’s specialist care homes. Bowmark will take a major shareholding in the company, while RBS Financial Sponsors has provided £10 million to support the business’s expansion.
Established by Denis and Clare Barry in 1982, Glenside provides residential care to the elderly, and care and neurological rehabilitation services to people with acquired brain injuries.
Glenside chief executive Andrew Norman, who is leading the buy-out, joined the company in 2000 to support a growth strategy. David Cole, former CEO of residential care provider Castlebeck, will become chairman following the deal.
Based in Wiltshire, the business operates 147 specialist care beds from a single site that includes a rehabilitation hospital and seven long-term care homes. According to a Bowmark statement, Glenside plans to establish more long-term care facilities to meet the growing demand for its services across England’s south.
Bowmark partner Mark Salter comments, ‘The opportunity to roll out the operation across the South of England is compelling, especially given the lack of appropriate facilities in the region.’