Tunstall acquired by Bridgepoint and absorbs telecare business of
Attendo
Tunstall, a
European market leader in the provision of telecare systems, has been
acquired by private equity firm Bridgepoint from Hg Capital in a
transaction totalling £225m.
At the same time, Tunstall has acquired
Attendo Response and Attendo Systems, the telecare operations of Attendo Group, the Nordic market leader in the
operation of elderly care homes and services. Attendo Group was acquired
by Bridgepoint in
February 2005 in a transaction totalling €245m. The combined group will
have budgeted sales of over £100m, with the integration of the two
businesses expected to bring significant synergistic benefits.
James Buckley, UK Managing Director of Tunstall, who will become group
CEO of both businesses, said: “The compelling economics of telecare
solutions are reflected in the growth in sales across Europe, and we are
now in an ideal position to move to the next phase of growth as the
telecare market leader.
“Telecare brings substantial benefits by
allowing older people to remain independent in their own homes for longer.
It delivers cost-effective solutions for local
authorities by reducing the need for residential care and can alleviate
the pressure on healthcare services.”
Rob Moores, a partner at Bridgepoint, added: “Tunstall already has a
track record of strong revenue and profit growth on the back of favourable
demographics and increasing awareness of the benefits of the telecare
concept. By combining Tunstall with Attendo’s Systems & Response division,
we will be well positioned to benefit from these trends and improve
telecare penetration rates not just in the UK but in continental Europe
where there is still much to play for.”
As CEO of Tunstall, James Buckley will be supported by the current
senior management team. Tony Rice, Tunstall's Chief Executive for the past
three years, is stepping down on completion of the transaction, but has
accepted an invitation to become a non-executive director.
The acquisition does not include Attendo Systems UK which has recently
been acquired by business management group HuckleHayes (see related story:
Attendo Systems UK acquired by HuckleHayes ).
4 July 2005
Source: bjhc&im July 2005
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