Health and social care enterprise Provide Community Interest Company (CIC) has acquired Nottinghamshire-based React Homecare, with support from FRP Corporate Finance, as it moves to achieve record revenues during 2022.
Provide Community is an employee-owned CIC delivering a wide portfolio of health and social care services in hospitals and community care settings. As a not-for-profit organisation, all Provide Community surpluses are reinvested into services and supporting the communities it serves. In 2022 alone, charities and community groups have shared grants and match funding of almost half a million pounds.
Provide Community became a CIC in 2011 and has since grown from c£40 million revenue to £75m million revenue currently, through both organic growth and acquisitions, employing more than 1000 people.
Whilst Provide Community operates in the NHS market, it has also diversified through acquisition, including organic growth in its Provide Digital business and Provide Wellbeing business, which are developing and delivering innovative solutions for health and social care.
The recent acquisition of React Homecare, a domiciliary care provider to adults of all ages, is the latest of several acquisitions. React Homecare has a network of eight local offices in the Midlands and Yorkshire, helping Provide Community grow geographically outside the South East.
Provide was advised by FRP Corporate Finance in Brentwood, led by partner Chris Adlam and supported by associate director Joanne Price. The FRP team will continue to work with Provide to identify further acquisition opportunities.
Philip Richards at Provide Community said: “Provide is a dynamic organisation that is constantly working to deliver the very best quality care and clinical outcomes that we can. We want as many people as possible to be able to access our services, which is why we continue to be interested in buying businesses that complement our existing organisation.
“We have a target to grow and diversify revenues to £120m and will keep exploring opportunities to grow and develop our services both organically and through acquisition, whilst always putting our service users’ and their families at the heart of everything we do.”
Chris Adlam, partner at FRP Corporate Finance, added: “It is a pleasure to be able to work with an organisation with similar values to our own and to support Provide’s ambitious growth plans as it works to develop a wider portfolio of services across healthcare, social care and digital healthcare solutions.
“This latest acquisition complements Provide’s existing operations and means the organisation is well-placed to roll out its high-quality care, for the benefit of the communities it serves whether in hospitals, clinics or service users’ homes.”
Birketts LLP provided legal advice to Provide.
