Sovereign sells Outcomes First to Stirling Square's NFA

Financial details of the transaction remain undisclosed, though Unquote sister publication Mergermarket recently reported the business was being marketed based on 2019 forward-looking EBITDA of £21m.

The deal comes four years after Stirling Square acquired NFA from Graphite Capital and three years after the business bolted on Acorn Care and Education.

Under Sovereign's tenure, OFG rebranded from Hillcrest Care before bolting on Options Group in 2016. The GP was invested in the company via its third fund, which closed in 2010.

Previous funding
Sovereign acquired OFG (then known as Hillcrest) in 2013.

Company
Founded in 1994 and headquartered in Alcester, Warwickshire, OFG provides education and care to children and adults with autism, complex needs, learning disabilities and social, emotional and mental health requirements. The business operates via three divisions; Options Autism and Learning Disabilities, Hillcrest Children's Services and Sunflower Fostering.

People
Stirling Square Capital Partners – Jonathan Heathcote (partner).
National Fostering Agency Group – David Leatherbarrow (CEO).

Advisers
Equity – Jefferies International (M&A); Dickson Minto (legal).

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• Topics
• Exits
• Expansion
• UK / Ireland
• Healthcare
• United Kingdom
• Sovereign Capital
• Stirling Square Capital Partners
• Build-up
• Trade sale