August-backed Active Assistance acquires Neural Pathways

Amy King
13 February 2012

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August Equity LLP portfolio company Active Assistance, a clinical care services provider, has acquired rehabilitation therapy provider Neural Pathways Limited from managing director Vikki Gilman.

The acquisition was funded from the company's balance sheet and existing debt facilities with HSBC.

The bolt-on is in line with August Equity's strategy for the acquisitive growth of the company, since its original £23m investment in March 2010 which funded the merger of its existing portfolio company First Call Services to Active Assistance.

The acquisition of Neural Pathways extends the range of services Active offers and expands its geographical presence in the UK. Active now provides care to 350 users and has over 700 employees.

Debt
HSBC provided senior debt to support the transaction.

Company
Founded in 2004 and based in Gateshead, Neural Pathways delivers bespoke rehabilitation packages to individuals with a range of neurological conditions including acquired brain injury, stroke, spinal injury, multiple sclerosis, Huntingdon's disease and Parkinson's disease. The team includes occupational therapists, physiotherapists, speech and language therapists and clinical neuropsychologists. The company has a strong presence in the North East of England.

People
Aatif Hassan is a partner at August Equity. Vikki Gilman is managing director of Neural Pathways; a role she will retain following the acquisition. Ejaz Nabi is managing director of Active Assistance.

Advisers
Vendor - UNW, Paul Kaiser (Corporate finance).