UK - Sovereign reaps 5.7x return from Complete sale

Sovereign first invested in Complete in December 2002, when it backed a managment buyout. Since this point the company has grown significantly, through both organic growth and strategic acquisitions. Most recently it acquired Paediatric Nursing Link in 2007. Under Sovereign's ownership Complete has doubled its client base and now employs over 600 staff, generating average growth of 27% per annum over the last three years. The business now achieves turnover and EBITDA of £22m and £3m respectively.

This is Sovereign's third exit from its first fund, SCLP I, with overall returns in excess of 1.8x monies drawn and a fundwide IRR of 53%.

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