The Priory Group has treated many big names from the music world
Royal Bank of Scotland is to sell care homes operator Priory Group, which has treated many celebrities including Lily Allen and Robbie Williams.
It is to sell the mental health and rehabilitation services group to private equity firm Advent in a deal valued at £925m ($1.48bn).
Advent had expressed an interest in purchasing the Priory last September.
RBS acquired the Priory Group when it bought ABN Amro in 2007, but it has been considered a non-core asset.
It had hoped to float the group on the stock market last year, but those plans were scrapped.
"The sale of this legacy private equity asset marks further progress in the execution of the asset reduction element of RBS's strategic plan announced in February 2009," said RBS in a statement.
The Priory Group operates at 50 sites, and among others reported to have sought their services are Kate Moss, Ricky Hatton, Pete Doherty, Michael Barrymore, and Paul Gascoigne.
It describes itself as "Europe's leading independent provider of care for mental health conditions, psychological and psychiatric services".
- Published18 January 2011
- Published11 January 2011
