Bupa wins ANS at £328 million |
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Published
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Sun, 07 Aug 2005 15:05
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Healthcare giant Bupa has brought out the nursing home business, ANS, in a deal reportedly worth £328 million. The Associated Nursing Services PLC chain runs 44 facilities that are largely purpose-built homes for the elderly. The business, which is owned by brothers Nick and Surindar Dhandsa, is estimated to be Britain's seventh largest company.
Dr Nick Dhandsa and his two brothers are in possession of about two-thirds of the company, with the rest of the stock being held by family friends and other directors. Mark Ellerby, the managing director of Bupa Care Homes, was elated at beating off stiff competition from Blackstone to acquire the NAS chain; "We are delighted to be able to announce the acquisition of ANS today. ANS is one of the finest care home groups in the UK and a very successful business, and this acquisition will help us to improve the range of care services we offer to our residents," he said.
| ANS chairman Dr Nick Dhandsa set up the homes in 1981. "I got royally hacked off with the NHS and decided to set up a healthcare business," he commented. They were valued at just over £29 million in 2000, when the family acquired controlling interest in the business. Current estimations place ANS' annual turnover at £90 million with an operating profit of £30 million.
Bupa will also take on a debt of around £100 million as a part of the deal. "Bupa is the leading player in this sector with a wealth of experience and, like ANS, has a reputation for quality. This is a positive move for our residents and our employees," Dr. Dhandsa commented. He however expressed a wish to hold on to a cosmetic surgery facility in west London. "We set it up over the course of last year and are looking to keep the business and grow it," Dhandsa said. "Cosmetic surgery is a good business to be in."
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