Another acquisition for Lyceum-backed Carewatch

This is the 13th bolt-on operation for Carewatch since Lyceum Capital acquired the company for £37m in 2008. In July, Lyceum Capital allocated a further £10m of expansion capital and secured a £15m acquisition facility for the company from Clydesdale Bank and Barclays. This £25m refinancing went towards funding the New Directions acquisition, valued in the £1-3m range; Lyceum Capital didn't provide any new equity for this transaction.

Based in Enfield and with more than 20 years' experience in the industry, New Directions works closely with a number of London boroughs, helping individuals to maximise their level of independence. It focuses on providing home-care services and support to those with learning disabilities, mental health issues, brain injuries and sensory impairment. New Directions employs 60 people and posted a £1.5m turnover for 2009.

Flitwick-based Carewatch was founded in 1993. It is a provider of home-based social care services to the elderly, people with physical or learning disabilities, people with mental health problems and patients with long-term conditions or requiring "end of life" care.

Carewatch now operates from 149 offices throughout the UK, which provide 200,000 hours of care and support services each week. The company employs 2,100 people directly and is on track to generate a turnover of £40m in 2010.

 

 

 

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• Topics
• Healthcare
• UK / Ireland
• Portfolio management
• Acquisition finance
• Horizon Capital (formerly Lyceum Capital)