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Sovereign Capital eyes £120m exit from City & County

25 Sep 2013

Comfort Call - AltAssets Private Equity NewsUK mid-market firm Sovereign Capital has reportedly put home care provider City & County Healthcare up for sale.

The firm, which launched the sale process after receiving unsolicited bids from industry buyers and fellow private equity firms, expects the business to fetch £120m, said the Telegraph without citing sources.

Sovereign has hired Panmure Gordon to manage the sale process, which could result in a straight sale or an IPO in London by mid-November, according to the report.

City & County, which currently operates 60 branches across the UK, posted profits of £14m last year on revenues of over £100m. The company has more than trebled since it launched.

After acquiring City & County – then known as London Care – in 2009, the firm has expanded the company via 14 bolt-on deals including the acquisition of ISS Healthcare in february this year as well as by opening new offices.

Last month Sovereign Capital exited Choice Care Homes to listed investment trust company Caledonia Investments for £86m.

In May this year Sovereign made a 5.3 times cash multiple and 70 per cent IRR by selling World Class Learning to Baring Private Equity-backed Nord Anglia Education.

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