Sovereign exits Tracscare to G Square

Under Sovereign's stewardship, Tracscare increased the number of homes it operates from 21 to 75, and boosted the number of services users from 130 to more than 350. Furthermore, the company expanded from South Wales and the Midlands into the South West and East of England.

Sovereign supported Tracscare's acquisitions of Compass Care and Alkare, and several smaller purchases including Woburn, a home for individuals with mental disorders.

Previous investment
Sovereign supported the buyout of Tracscare in April 2004, in a deal valued at £26m. The deal was supported with a debt package provided by Bank of Scotland.

In January 2007, Sovereign completed a £37m recapitalisation of Tracscare.

Company
Tracscare provides care for those with mental health, acquired brain injuries, learning disabilities or an autistic spectrum disorder. The company was founded in 1984.

People
Rob King is investment director at Sovereign. Eric Millard, CEO of Tracscare, is retiring as part of the latest deal. Paul Constable is Tracscare's new CEO and Ted Smith is non-executive chairman.

Advisers
Vendor - DC Advisory, Jonathan Arrowsmith, Vincenzo di Nicola (Corporate finance).

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• Topics
• UK / Ireland
• Exits
• Healthcare
• United Kingdom
• G Square Capital
• Sovereign Capital