Graphite Capital poised to buy Horizon Care - report

Citing three sources familiar with the situation, the report indicated that Horizon is expected to announce the sale in the coming weeks. The company is reportedly being marketed based on around £6m EBITDA in a process run by PwC, with an entry multiple expected at 10x.

Stage Capital (then NBGI) acquired the Midlands-based specialist childcare provider in 2012, in a transaction that also put aside capital for expansion. The GP planned to double the size of the business through acquisitions and organic growth in the following three to five years, according to Unquote reports at the time. Stage acquired a majority stake in the business alongside managers Amanda Knowles, Thelma Turner and David Burton as well as chairman Stephen Lambert. The Cooperative Bank provided debt for the transaction, with leverage accounting for less than 50% of the deal value.

Horizon Care went on to make two bolt-ons: Educare in 2013 and Keys2 Futures in 2017.

Graphite is currently investing from Graphite Capital Partners IX, which held a final close on £470m in July last year. It plans to make 8-12 deals. The vehicle focuses on UK mid-market companies with enterprise values of £30-150m. although it also considers backing smaller companies with expansion potential.

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Healthcare
• Graphite Capital
• NBGI Private Equity