Sovereign acquires Nurse Plus from KCP

The deal marks an exit for KCP after just two and a half years. According to a source close to the transaction, the deal generated a return of around 5x for KCP.

Debt
The transaction was supported with working capital facilities provided by Lloyds Bank Commercial Banking.

Previous investment
KCP backed the £15m MBO of Nurse Plus in July 2012, with the growth investor supplying £6.5m in equity. According to unquote" data, the deal was supported with $4.3m of debt supplied by The Co-operative Bank.

Under KCP's stewardship, Nurse Plus opened 10 new branches, bringing its total branch network to 35 throughout the UK.

Company
Established in 2005 and based in Canterbury, Nurse Plus specialises in domiciliary care services and in providing flexible staffing services to care homes and hospitals.

People
The MBO was led by Nurse Plus CEO Heath Blake and managing director Pamela Bruce. Chairman Stewart Rogers will continue as non-executive director following the deal.

Mike Fell is an investment partner at KCP.

Advisers
Company – Grant Thornton (Corporate finance); Mills and Reeve (Legal); Clearwater International (Corporate finance).

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• Topics
• UK / Ireland
• Buyouts
• Healthcare
• Sovereign Capital
• United Kingdom