New York-listed Universal Health Services (UHS) has increased its UK footprint through backing the £95 million acquisition of Alpha Hospitals by its subsidiary Cygnet Health Care.
The deal, which was first reported by HealthInvestor, adds four hospitals with 305 beds in total to Cygnet Health Care, boosting the mental health provider in size to 21 hospitals with approximately 1,100 beds overall.
Alpha Hospitals reported a turnover of £42.1 million for the year ended 31 March 2014.
Cygnet has acquired the company from C&C Alpha Group which has been invested in it since its foundation 13 years ago.
Alan Miller, chairman of UHS said: “We are pleased to announce the acquisition of Alpha and welcome them into our growing system in the UK. The facility locations are an excellent geographical fit and their services are complementary to Cygnet’s existing portfolio.”
Cygnet chief executive David Cole (pictured) added: “Alpha Hospitals has a very good pedigree and an excellent reputation in the sector. Like Cygnet, it is a brand that portrays quality and confidence, and boasts very strong customer relationships.”
Alpha provides a range of psychiatric care services for men, women and adolescents with mental health conditions and learning disabilities from facilities in Bury, Woking and Sheffield.
KPMG ran the sale process.
Trowers & Hamlins provided legal advice to C&C Alpha Group.
UHS acquired Cygnet Health Care for £205 million last year.