BC-backed Advanced acquires CareWorks

[Editor's note: BC Partners is a minority owner of Acuris, the parent company of Unquote]

The acquisition will allow Advanced to grow further into Ireland, where it already offers some services such as out-of-hours GP services.

Vista acquired Advanced in a £725m take-private in 2014. The deal valued the business at 16x the EBITDA figure reported in its preceding financial year. In August 2019, BC acquired a 50% stake in a deal valued at £2bn, including debt, with Vista remaining invested.

This is the seventh acquisition during Vista's holding period and the first since BC become a shareholder.

Following the investment from BC, the company completed a cross-border refinancing, with $330m and £285m term loan B tranches.

Company
CareWorks is headquartered in Dublin and provides healthcare software. It offers a single shared information system for nurses, mental health workers, social workers and therapists to record care on electronic records. Founded in 1997, the company employs 60 people and operates in Ireland, the UK and the US.

People
Advanced Computer Services – Gordon Wilson (CEO); Sally Scott (chief marketing officer).
CareWorks – Michael Dolan (CEO).

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• Topics
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