Altitude scores 2.9x on The Care Division exit

Amedeo Goria
08 March 2016

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UK-based private equity firm Altitude Partners has exited The Care Division (TCD) to Bridges Ventures-backed Alina Homecare, reaping a 2.9x return.

The deal marks the first exit for the Altitude One fund. Since its first closing on £7m in 2011, the vehicle has invested £4m and is currently looking to secure three further completions in the next few years, unquote" understands.

Bridges Ventures provided a third round of funding for Alina to support the transaction. Details of the transaction have not been disclosed.

The deal marks Alina's fourth bolt-on acquisition. As part of the deal, TCD provided Alina with a platform to deliver an additional range of complementary services, including support for learning disabilities. According to a statement, Alina will continue to look for strategic acquisitions as part of its growing strategy.

Altitude is looking to launch its second fund later this year, targeting equity investments in the £500,000-3.5m range in SMEs based in southern England.

Previous funding
In 2011, Altitude invested £2.25m in TCD. Following the capital injection, the business developed a software called My Diary.

According to unquote" data, Bridges Ventures supported the creation of Alina in April 2014, through its Bridges Sustainable Growth Fund III. Most recently, Bridges Ventures provided an undisclosed amount of expansion capital to Alina in December 2015, allowing the company to acquire competitor Extra Mile Care.

Company
Established in 2006 and headquartered in Poole, TCD provides support services for children and adults with learning disabilities, either privately or through large organisations.

Founded in 2014, Alina is a primary homecare services provider for the over-60s.

People
Altitude – Simon White, Jonathan Simm (co-founders, partners).
Bridges Ventures – Garret Turley (partner).
The Care Division – Stephen Piper (managing director).
Alina Homecare – James Deeley (CEO).

Advisers
Equity – Pitmans (legal).
Vendor – Grant Thornton (legal).