Fifth bolt-on for Sovereign-backed City & County

This is City & County's fifth bolt-on since Sovereign backed its management buyout in 2009. It follows the acquisition of Irish home care provider Quality Care Services in January 2011.

Sovereign Capital backed the £18m buyout of London Care in September 2009. The private equity house committed a total of £25m to help fund a buy-and-build strategy for the company.

The acquisition of Careline was financed by this original commitment - no further equity was contributed by Sovereign Capital. Lloyds arranged a debt package to partly fund the transaction.

It believes this latest addition will cement City & County's presence in the North of England and will enable it to expand further in this area. Sovereign also intends to pursue its buy-and-build strategy by making further strategic acquisitions going forward.

Company
Founded in 1998, Careline Homecare provides care in the home, predominantly to elderly people and also to individuals with physical disabilities, mental health issues and learning difficulties.

People
Dominic Dalli led the deal for Sovereign Capital. Craig Rushton is CEO of City & County.

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• Topics
• UK / Ireland
• Healthcare
• Portfolio management
• Sovereign Capital
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