Synova sells Clearwater to Salutem

Kenny Wastell
13 November 2017

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Synova Capital has sold UK-based care provider Clearwater Care to healthcare investor Salutem Healthcare following an eight-year holding period.

The deal is an exit for the vendor's maiden vehicle, Synova Capital Fund I, which closed in May 2010 on £50m.

Under the vendor's tenure, Clearwater has invested in the acquisition of new properties, increasing its footprint from 14 care homes to 25. It also made one relatively small bolt-on via the acquisition of TL Care in July 2013.

Following the transaction, Clearwater will be merged with Salutem's portfolio companies Pathways Care Group and Modus Care, which also both provide care for people with learning disabilities.

Synova declined to comment on the valuation of the deal, or the returns generated from the transaction. However, it is understood the transaction generated a strong return for the GP.

Previous funding
Synova acquired Clearwater in September 2009 as part of a management buy-in with current CEO Philip Arden. The deal valued the business at £15-£30m, according to unquote" data.

Company
Clearwater was founded in 2004 and is headquartered in Thornwood Common, Essex. The company provides residential and supported living care to patients with complex needs and severe learning disabilities. It operates across 25 properties in London, the south-east and the Midlands, and cares for 150 residents aged between 18-65.

People
Synova Capital – Philip Shapiro (managing partner).
Clearwater Care – Philip Arden (CEO).
Salutem Healthcare – John Godden (CEO).