Paragon ( UK) Ltd (United Kingdom) - Nov 2007

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01 November 2007

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ISIS Equity Partners (ISIS) has completed the acquisition of Raglin Care Ltd on behalf of portfolio company Paragon (UK) Ltd, a provider of supported living services to adults with learning and physical disabilities, for an undisclosed sum. ISIS acquired a majority stake in Paragon in 2006, committing a total of £30m including an equity investment, further funds for expansion and a financing package supplied by Yorkshire Bank (12 March 2007, page 28), which also provided senior only debt facilities to support this latest transaction. The investors intend to continue the growth of the business through organic growth and further strategic acquisitions in the North of England, continuing its objective of positioning Paragon as a dominant player in the supported living market in this region.

Company

Paragon, based in Adlington, Lancashire, provides up to 24-hour supported living services to people with both learning and physical disabilities aged 16 and over. The business was founded in 1996 with one house in the Salford area and has since growth substantially, currently supporting more than 200 individuals. Raglin, established in 1994, operates a similar business-model within the Liverpool area, providing support for more than 70 service users.

People

Pete Clarke and James Titmuss led the transaction on behalf of ISIS. Mike Selina represented Yorkshire Bank.

Advisers

Company - DLA Piper, Paul Rimmer (Legal)Debt - Addleshaw Goddard, Patrick Sturnam (Legal)Equity - Brabner Chaffe Street, John Fowler (Corporate Finance)Equity - Hazelwoods, Andrew Brooks (Financial Due Diligence)Equity - PricewaterhouseCoopers, George Lovell (Other Due Diligence)Vendor - O’Connors, Mark O’Connor (Legal)