August Equity LLP (“August Equity”) is pleased to announce it has embarked upon a buy-and-build strategy in the domiciliary care market with the buy-out of Enara Limited (“Enara”) and the simultaneous acquisition of First Call Care Services Limited (“First Call”).
Enara, based in Ealing, West London, is a leading independent provider of both private and social services-based home care in London and the Home Counties. It focuses on care for the elderly and adults with learning difficulties and mental health needs.
First Call, based in Essex, is a leading regional provider of complex care to service users in their own home. It caters for children and adults with spinal injury, brain injury, challenging behaviour and other complex needs.
August Equity managed funds committed £20 million to support Enara’s buy-and-build which has a strong pipeline of further acquisitions. Enara is the third deal in August Equity’s latest fund.
The August Equity investment team consisted of Philip Rattle, Aatif Hassan and Keith Davidson. Philip Rattle and Aatif Hassan will join the board as non executive directors. August Equity has also introduced Charles Auld, former CEO of General Healthcare Group and ex-chairman of Healthcare Homes Group, as non executive chairman.
Speaking about the investments, Aatif Hassan said: “Enara and First Call are attractive investment opportunities which have allowed us to build upon our existing healthcare experience. The homecare market is growing at an attractive rate driven by long-term demographics and government policy. It is also highly fragmented, creating opportunities for consolidation.”
Philip Rattle said: “We are delighted to be working with Charles Auld again and we look forward to bolstering this investment through the buy-and-build opportunities identified by us. The latest deal demonstrates our continuing enthusiasm to back high quality businesses and management teams."