Sovereign's NFA up for sale

Sovereign reportedly considered a refinancing of the business in the first place but instead decided to proceed with a sale. Rothschild is understood to be running the process. A spokesperson for Sovereign Capital declined to comment.

Potential buyers include Advent-backed The Priory, Teachers' Private Capital - which also owns Acorn Care and Education - and Blackstone. NFA is believed to be valued in the region of £135m.

Sovereign Capital acquired a majority stake in NFA in late 2006 and made five bolt-ons for the group, the latest of which took place around a year ago.

NFA, which provides fostering services for more than 175 local authorities in the UK, posted a £54.2m turnover and £3.5m EBITDA in the year to March 2011.

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