The founder of Grosvenor Health and Social Care, Ravi Bains, is set to leave the company after 23 years.
The news follows the announcement that private equity firm Weight Partners Capital (WPC) has invested in the company for an undisclosed sum.
Wolverhampton-based Grosvenor was formed in 1998 by Bains, the former CEO, and is the second largest independent provider of domiciliary care in the UK, funded in the main by local authorities.
The company operates six brands – Sevacare, Balmoral, Meridian, Mayfair, Care Cymru and Rainbow Services.
In a statement sent to HCI, Grosvenor Health and Social Care confirmed that Bains will leave the company, but Darren Stapelberg, who took the reins of the provider in 2018, will stay on as CEO.
Members of the WPC team will also assume director roles across the various brands, with names yet to be finalised.
Commenting on his departure, Bains said: “After a wonderful 23 years it is time for me to focus on the next chapter of my life and career. I started Grosvenor Health and Social Care from humble beginnings with a simple vision of delivering excellent care to those who need it most.
“It has been an honour and privilege to see it grow into the largest family owned homecare business in Great Britain.
“I have been lucky enough to have worked with some of the most caring, hardworking, and passionate people throughout the country and I would like to say a heartfelt thank you to all my current and past employees, your dedication and enthusiasm have been immense.”
He continued: “I would like to wish all the best to the new owners Weight Partners Capital (WPC), who I know will continue to invest in the business and its amazing people.
“Finally, I would like to say a special note of gratitude and thanks to my immediate friends and family for their unwavering support through this incredible journey”.
The investment by WPC is expected to support Grosvenor in its ambitions for further geographical growth across the UK and give the organisation the opportunity to broaden out its service offering.
Stapelberg commented: “The Grosvenor management team welcomes and looks forward to developing a fantastic partnership with WPC. This is an exciting time for the business, as we look to continue the expansion of our footprint and service offerings, whilst remaining focussed on delivering the quality and individual-centred care that our clients have come to expect.”
Jim Weight, managing partner at WPC, said: “Under Ravi’s ownership and guidance, the Grosvenor team have built a market leader in care quality. We are committed to continuing the quality strategy and to backing the team’s growth strategy for the business.
“We would also like to thank the Browne Jacobson team led by Clare for the first-rate pragmatic legal advice given on this important transaction. Their deep-rooted expertise in both the independent social care market and in complex corporate mergers and acquisitions was very evident throughout this transaction.”