Disposal of Key2Futures to Horizon
HMT, led by Partner Ian Barton and with tax advice from Holly Bedford-Bell have advised the shareholders of specialist care and support business Key2 Futures Ltd (“Key2”) on the disposal of the business to Horizon Care and Education Group (“Horizon”).
Key2 was set up in 2004 to meet the needs of young people leaving local authority care with complex and high support needs. Since then, Key2 have diversified to offer a range of services and expanded to become an important provider across the Midlands and South of England providing housing and support to over 225 young people.
Horizon is backed by Stage Capital and cares for and educates young people aged 8 to 17. They run 40 homes and six schools, mainly in the Midlands and North of England. Horizon and Key2 share a common commitment to helping clients tackle some of the most difficult challenges through a therapeutic approach woven into their daily experiences.
By joining forces, Key2 and Horizon will be able to grow further and improve the lives of even more young people – offering local authorities a complete, nationwide service to meet young people’s needs and improve outcomes for them. Key2 will operate as a distinct division within Horizon, led by Rachel Mundy as Director of Transitional Services.
HMT provided advisory services leading all aspects of the disposal and provided tax advice to both the company and the shareholders on the exit.
In a joint statement, Key2 managing director Mark Hammond and Horizon chief executive Paul Callander commented:
“We’re delighted to announce that Key2 has become part of the Horizon Care and Education Group. This represents an exciting opportunity, which will enable us to extend our homes and services into new areas, and improve what we offer to the children and young people we’re here to help. We look forward to sharing more details about our future plans.”
Stephen Knowles and Mark Hammond on behalf of the shareholders of Key2 commented:
“We’d like to thank Ian and Holly and the team at HMT for all their advice and support to help us achieve the sale of Key2. It was a complex process, which required significant hands on input from them over several issues throughout the transaction.
Together with a robust approach to the negotiation, HMT achieved an outcome that delivered an excellent outcome for both the shareholders and business. Ian led us through a number of challenges both with clear advice and good humour to keep the deal on track and maximise the value achieved. Without him we wouldn’t have got the deal done.”
Ian Barton commented:
“Key2’s founders have built an exceptional company both delivering high standards of care and a robust and growing business currently supporting over 200 young people improve their lives. HMT have worked with the shareholders for the last 2 years to manage the disposal process and maximise the value and I’d like to thank them for placing their trust in HMT to achieve this.
We are delighted to have delivered a deal that allows the business to move forward within a larger group and allows the shareholders to exit and we wish both Key2 and Horizon success for the future.”