August Equity LLP (“August Equity”) is pleased to announce that it has secured a £23 million acquisition facility for portfolio company Enara Group Limited (“Enara”), a domiciliary care provider. August Equity announced the buy-and-build in November 2008 with the initial buy-out of Enara Limited and the simultaneous acquisition of First Call Care Services Limited.
The new acquisition facility, provided by HSBC, was partially drawn on completion to fund the acquisitions of, Marian Homecare, Abbey Home Care Agency and Community Careline Services Limited.
Commenting on the acquisitions, Aatif Hassan of August Equity, said: “To secure such a facility in the current market demonstrates the quality of the business and the management team. Since the initial investment Enara has now announced 9 bolt-on acquisitions, which illustrates the strength of our buy-and-build approach. The finance will allow them to continue their rapid expansion and to reach new geographical areas.”
Stephen Booty, CEO of Enara, said: “We are excited by the opportunities and acquisitions the new funding will allow. We endeavour to increase our service offering and will use this investment to expand our business.”
August Equity has again been shortlisted as Investor of the Year at the HealthInvestor Awards, an award the team won last year. Award winners will be announced on 3 June 2009.