Sovereign looking to sell City & County

According to The Telegraph, the company has been put up for sale with a £120m price tag. Panmure Gordon is running a dual-track process, which will see the care home provider either being offloaded through a straight sale or listing on the public market by the end of the year.

It is understood that Sovereign is seeking to remain an investor in the business following the sale or listing.

Sovereign acquired City & County in 2009 and has grown the business acquisitively, bolting on 14 further domiciliary companies over the past four years. The group was created following Sovereign's purchase of London Care in 2009. Since then, add-on acquisitions have included ISS Healthcare, Sterling Homecare, Guardian Homecare, Quality Care Services and Help at Home.

Under Sovereign's stewardship, City & County has increased the number of care hours it provides each week from 34,000 to nearly 140,000 and has grown the number of branches it operates from 12 to 60. Furthermore, the group has expanded its services to also provide for children and adults with learning disabilities and other special needs.

City & County's EBITDA is reported to stand at £14m for 2012, on revenues of more than £100m.

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• UK / Ireland
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• Sovereign Capital