Apposite reaps 45% IRR on SureCalm exit

Amcare Ltd is a wholly-owned subsidiary of ConvaTec UK Holdings Ltd, developer and marketer of medical technologies for community and hospital care.

Previous funding
In January 2010, Apposite Capital created SureCalm Healthcare as part of the management buy-in of three private dispensing appliance contractors focusing on stoma, urology and continence care. The all-equity deal value was estimated to be in excess of £25m.

Company
SureCalm was created from the merger of Alphamed, BCA Direct and Homestyle Positive. The three component companies, founded in 1991, 1995 and 1993 respectively, had a combined turnover of £13m in 2009. SureCalm is headquartered in Surrey and employs around 65 members of staff.

People
Sam Gray is a partner at Apposite and led the transaction. Kevin Hodges is cofounder and CEO of SureCalm.

Advisers
Vendor - Berwin Leighton Paisner LLP (Legal); Hazelwood (Corporate finance).
Acquirer - Wragges & Co (Legal); Ernst & Young (Financial due diligence).

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