Sovereign's City & County in 10th acquisition

Sovereign bought City & County in an £18m MBO in 2009. It committed £25m in total to the company to fund its buy-and-build strategy. Further acquisitions are currently being assessed by the GP.

Lloyds Banking Group provided a debt facility to finance the transaction.

The acquisition of Conard Care will allow City & County to bolster its presence in Northern Ireland. This is the company's third bolt-on this year, following the acquisition of domiciliary care provider Help at Home at the beginning of August.

Company
Established in 2005, Conard Care provides domiciliary care services to the elderly, as well as people with learning difficulties and mental health needs.

City & County has more than trebled in size since the 2009 MBO, according to Sovereign.

People
Dominic Dalli, Jonathan Kay and Ed Goddard worked on the deal for Sovereign.

Advisers
Equity – KPMG, Andy Russell (Financial due diligence); Marriott Harrison, Dee Sian (Legal); James Cowper, Stuart Williams (Commercial due diligence).

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• Topics
• Portfolio management
• UK / Ireland
• Healthcare
• Sovereign Capital
• United Kingdom