Phoenix Equity Partners has sold Porthaven Group, a care home operator, to Fremont Realty Capital and co-investors for an undisclosed sum.
Phoenix invested in the care home business in 2011, backing the chief executive and founder John Storey. Since the investment Porthaven has increased its estate from three to fifteen sites, with resident numbers rising from 80 to 500 during the firm’s hold. Storey will stay on with the business after the deal.
This is the seventh exit for Phoenix’s 2010 fund and follows the sale of Key Retirement Group in a deal that delivered a return on cost of 4.5x. The firm recently closed its fourth fund on £415m (€468m).
Phoenix and Porthaven were advised by CBRE, Pinsent Masons, KPMG, Grant Thornton and Travers Smith. Fremont was advised by Gibson Dunn.