A leading residential provider of addiction treatment services is seeking rehabilitation under new owners after a turbulent period in which it fell into administration.
Sky News has learnt that UKAT, which operates more than 200 beds across eight facilities, has been acquired by Sullivan Street Partners, a British-based buyout firm.
City sources said the deal could be announced publicly as soon as this week.
Money latest: Wedding gifts branded ‘cheeky and spoilt’
UKAT, which was co-founded in 2012 by Daniel Gerrard, its chief executive, specialises in care and rehabilitation services for alcoholism, substance abuse and wider behavioural health conditions.
Headquartered in Hertfordshire, it was acquired by US-based Global Growth – then known as ELI Global – in 2018.
More recently, UKAT was placed into administration by its principal lender, with negotiations about a sale involving several bidders during the course of this year.
Sullivan Street has owned a string of companies, including Medica Packaging and Orbis, which provides security for vacant properties.
It also owns The Wave, an inland surf park concept which hopes to open a London site in the coming years.
Read more from Sky News:
‘Most generous voluntary redundancy package ever’ offered to Port Talbot workers
Economy shows zero growth for second month
Chancellor signals budget will be painful mix of cuts, tax hikes and higher borrowing
Sources said that under Sullivan Street’s ownership, UKAT would seek to expand the number of facilities from which it operates, and to broaden its services.
Sullivan Street could not be reached for comment on Wednesday.