Hermes completes two deals in two days

Hermes Private Equity has completed its second deal in two days with the acquisition of a residential care provider for adults with learning disabilities for an undisclosed amount.

Hermes Private Equity has bought a substantial stake in Independent Living Group, a provider of residential care for adults with profound learning disabilities, from a group of shareholders led by Independent Investment Foundations, an investment fund.  Financial details were not disclosed.

Deloitte provided financial services to Hermes while SJ Berwin gave legal advice.  Jamieson Corporate Finance and Deloitte gave financial advice to the vendors while Lovells were the lawyers. HBoS provided debt facilities.

Shane Feeney, director at Hermes, said: “We liked the learning disabilities market in the south-east of England and Independent Living Group came with a 100 percent freehold estate.  The market shows a stability of cash flow and there is a good growth forecast.”

Feeney said that Hermes would expand the business with corporate and property acquisitions but has no immediate plans.

It is Hermes’ second acquisition in two days.  Yesterday the company bought a minority stake in Siblu, a French holiday park operator, valuing the whole business at £60 million.

Hermes Private Equity, the private equity arm of Hermes Pensions Management, has £1 billion committed to the asset class.