Tue, 24 Sep 2013 | BUSINESS SALE
Home care business City & County is on the market for £120 million and is to be sold on by the end of the year.
Its private equity owner Sovereign Capital has brought in Panmure Gordon to manage the sale process, with a stock market flotation also being considered as an option.
The move follows a string of unsolicited offers from trade and private equity firms for City & County, the owner of City & County Healthcare, provider of home carers and nurses.
It is understood that Sovereign may choose to maintain its level of investment in the business, with a float being the preferred route. If so, Panmure Gordon would seek to list the company in London by mid-November.
Sovereign invested in the healthcare sector in 2009, purchasing London Care, which later became City & County, for £18 million. It has since bolted on 14 complementary businesses to City & County, including ISS Healthcare and Sterling Homecare, and has opened new offices in a continued drive to grow the business.
In 2009 City & County had 12 branches and today has over 60 throughout the UK, putting in 145,000 hours of care for over 20,000 users.
The company reported revenues exceeding £100 million for 2012, and counts local authorities, private customers, the elderly preferring to stay at home, and insurance companies paying for care after accidents as sources of revenue.
With an ageing population the care sector has grown quickly, with increased demands for complex care needs and private care paying elderly.
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