Sovereign Capital readies Nurse Plus for exit

The company is expected to be marketed off annual EBITDA in the region of GBP 10m-12m, one of the sources and a third source familiar said. Nurse Plus recorded GBP 10m in EBITDA against revenue of GBP 76m in the year ended 31 September 2021, according to filings with Companies House.

Sovereign bought Nurse Plus in 2015 from Key Capital Partners as part of a management buyout. At the time, it had revenues of GBP 35.5m.

Similar businesses in mainland Europe are in the midst of competitive sale processes. Doxx, a German healthcare staffing specialist, saw a long list of midmarket sponsors make non-binding offers in an ongoing sale expected to reach EUR 260m EV hinged on a EUR 15m-EUR 20m EBITDA, as reported. Smaller peer Locum Doctors is also on the block.

Founded in 2005, Nurse Plus provides nursing and care personnel to both the UK's health and social care sectors. The business is the second-largest provider in its market, operating 50-plus branches from which it recruits, develops and manages a database of more than 2,500 workers who provide over 60,000 hours of care a week.

Clearwater declined to comment. Sovereign Capital and Nurse Plus did not respond to a request for comment.

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• Topics
• Exits
• Healthcare
• UK / Ireland
• Sovereign Capital
• Clearwater
• Mergermarket