Amanat enters UK healthcare market with GBP 76 mn Cornerstone acquisition

Amanat is taking Cambridge Health Group (CHG) to the UK just four months after buying out its remaining minority shareholders. The Dubai-listed investor's wholly owned subsidiary acquired UK specialist care provider Cornerstone Healthcare from private equity firm Ignite Growth in a transaction worth up to GBP 76 mn (c. AED 380 mn), according to a DFM disclosure (pdf). The acquisition takes Cambridge’s capacity past 1k beds and establishes its first operations outside the Gulf.

Why it matters: Amanat is putting its AED 1.5 bn growth strategy to work by expanding its specialist healthcare business internationally. The company has now completed or committed 60% (AED 900 mn) of the original investment target across healthcare and education, leaving roughly AED 600 mn still to deploy or commit.

What’s it buying? Cornerstone operates four specialist care homes with 283 beds across southern England, treating patients with complex dementia, acquired brain injuries, severe mental illness, and neurological conditions. Its existing homes have recorded annualized revenue growth of nearly 10% over the past three years.

The numbers: Cornerstone is expected to generate GBP 36 mn in revenue and GBP 7 mn in EBITDA in 2027. The acquisition carries an initial enterprise value of GBP 71 mn, with up to GBP 5 mn in additional payments linked to performance. Amanat funded the purchase internally.

REMEMBER- Amanat has only recently taken full control of Cambridge. The company spent AED 105 mn in June to acquire the remaining 10.03% of CHG.

The expansion plan: At the time of the takeover, Cambridge operated more than 700 beds across the UAE and Saudi Arabia, with Amanat targeting bringing capacity to over 1k beds through expansion and acquisitions. With the UK acquisition completed, Amanat has raised Cambridge’s medium-term target to more than 1.5k beds through further developments and acquisitions.

The UK acquisition also opens up a new market: Cornerstone has established relationships with local health service commissioning bodies and local authorities. Amanat plans to expand its Bristol operations and move into additional services, including higher-acuity acquired brain injury and intermediate care. Cornerstone’s existing management team will remain in place.