Synova-backed Clearwater in bolt-on

Synova acquired Clearwater for approximately £15-30m in September 2009 via Synova Capital Fund I. Bank of Ireland provided a senior debt package to support the transaction.

Synova Capital Fund I was launched in September 2007, held a first close in December the same year and reached its final close in May 2010 on £100m. Tamares Capital Corporation is a cornerstone investor in the fund. Other key investors comprise a mix of global financial institutions and large family offices.

Clearwater provides residential care facilities and supported living services for adults with learning difficulties. In 2012, Clearwater opened seven new facilities, mainly located in the Greater London area.

The bolt-on complements Clearwater's existing geographic footprint and provides a platform for further growth within the Midlands, according to the GP. Synova had been following the company for some time prior to the acquisition.

Company
Founded in 2009 and based in Hoylake, TL Care is a family-run company that specialises in providing care and support to people in their own homes. The clients range from the elderly to individuals with physical disabilities, learning difficulties and other support needs.

People
David Menton is managing partner at Synova and a director of Clearwater.

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