Sovereign's City & County buys ISS Healthcare

Since Sovereign acquired City & County in September 2009, the business has grown organically and through a significant number of acquisitions, though ISS marks the business's first bolt-on in Wales.

City & County's previous 13 acquisitions include Northern Irish domiciliary care provider Conard Care Services (acquired in September 2012), UK domiciliary care provider Help at Home (August 2012) and care provider for the elderly Sage Care (February 2012).

Lloyds Acquisition Finance provided additional debt to finance the bolt-on, as was the case with previous acquisitions.

Company
ISS is a Welsh healthcare provider with branches in Torfaen, South Wales, and Birmingham. The business was founded in Torfaen in 2001, with the Birmingham branch opening two years later. In total, ISS employs 200 carers who provide a mix of complex care, 24-hour care, elderly care and private care, bringing the group's total number of staff up to 5,900 post-acquisition.

The company's two branches will continue to be run by their registered managers Marion Guest and Joanne Pickett post-merger. City & County expects a combined turnover of £87m for 2013.

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).
 

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• Topics
• Portfolio management
• UK / Ireland
• Healthcare
• Sovereign Capital
• Wales