Phoenix Equity Partners have sold Porthaven Group Holdings, owner and operator of care homes, to Fremont Realty Capital.
In October 2011, Phoenix backed John Storey, the founder and CEO of Porthaven, to build a group of high quality care homes to serve the elderly. During its six year investment period, the number of homes increased fivefold from three to fifteen, through an organic roll-out plan comprising acquiring land and building additional homes.
The number of residents living in Porthaven homes has increased from 80 to over 500. John Storey will continue to lead and grow the group alongside Fremont.
James Thomas, Managing Partner at Phoenix, said: “We are delighted with the strong growth that Porthaven has achieved during our investment period and with the outstanding care that has been provided to hundreds of elderly residents. It has been a pleasure working with John Storey and his management team, and we wish them every continued success for the future.”
John Storey, founder and CEO of Porthaven, said: “I would like to thank Phoenix for all their support over the last six years. They understood the need to ensure the Porthaven ethos of delivering outstanding care and services to our residents remained at the heart of the business from the outset, and have been hugely valuable business partners. We look forward to continuing this strategy with Fremont, as well as the further development and improvement of Porthaven as we continue to grow.”