Apposite acquires Mitie's social care arms in £2 hand-over

The deal sees London-listed Mitie dispose of its domiciliary care and homecare companies Enara Group and Complete Care Holdings.

Mitie will pay £9.45m to fund the companies' trading losses, delivered as two tranches in April and July.

Mitie's sale of Enara happens less than five years after it acquired the company from UK buyout house August Equity in a £111m add-on deal. Both Enara and Complete Care return to private equity ownership under Apposite, with Complete Care having previously been owned by Sovereign Capital.

The disposal comes off the back of Mitie's announcement in November that it would withdraw from the in-home care market. It has taken a total write-down of £152.1m on the assets.

Current Enara and Complete Care managing director Narinder Singh will continue to head the business post-acquisition.

Previous funding
Enara first received private equity funding in June 2008, when Isis Equity Partners (now Livingbridge) invested £2.8m in Enara predecessor Active Assistance, through its Baronsmead VCT funds. In October the same year, August Equity tapped its second fund to acquire Enara from its owners, in addition to services provider First Call Care Services.

August committed £23m to its initial investment in First Call and Enara for the merger with Active Assistance in March 2010. An additional add-on was completed in April 2012, when Active acquired Communicare. August's exit came in the same year, selling Enara to Mitie for £111m in October. The last published financials for Enara before the acquisition showed revenues of £62.3m, operating profit before amortisation of £7.4m and a pre-tax loss of $88,000.

Complete Care was previously owned by Sovereign Capital, which sold the company to Claimar Care Group in a November 2007 trade sale worth £33.1m, which saw Sovereign reap 5.7x money.

Company
Trading as MiHomecare, Enara is an outsourced home care services provider in the UK. The company is headquartered in Sevenoaks and provides in-home care services for people suffering from illness, infirmity or disability.

Complete Care is headquartered in Telford and home care services for people including brain injury sufferers, individuals with behavioural issues and limited mobility.

People
Apposite Capital – David Porter (managing partner).

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• Topics
• Healthcare
• Buyouts
• UK / Ireland
• Apposite Capital
• August Equity LLP
• Livingbridge
• Sovereign Capital
• United Kingdom