Mon, 14 Nov 2011 | BUSINESS SALE
Sovereign Capital has put the National Fostering Agency (NFA) on the market, causing a flurry of interest from private equity buyers.
The London venture capitalist Sovereign Capital drafted in Rothschild to explore refinancing options for Britain’s second biggest fostering agency in September. Sovereign has since put the business up for sale, having owned it for the past five years.
At least three bids of interest have been received, valuing the business at about £135 million, much higher than the original asking price of £80 million.
The bidders include The Priory Group, which is supported by private equity outfit Advent, and Teachers’ Private Capital, the private investment arm of Ontario Teachers’ Pension Plan. Blackstone is thought to have put forward its interest, but it is not clear if a bid has been made.
Also the owner of the prestigious Wetherby School where Prince Harry and the Duke of Cambridge were schooled, Sovereign would be ready to exit the fostering agency if the right price is offered.
The founders of NFA, Michael Lovett and Edwina Beech, set up the agency in 1995, and each retained a 21 per cent shareholding after selling a 50 per cent stake to Sovereign in 2006. At the time it had nine offices, now the North London based business has 15.
The numbers of children in private fostering in Britain have increased in recent years to more than 10,000 at any one time. Revenues for NFA have subsequently increased from £30 million in 2006 to £54.2 million for the year ending March 2011.
Utilising its skilled team, the business supplies a variety of surface testing solutions, such as pendulum testing, core extractions and logging, hazard analysis and waste characterisation solutions, which assist clients in meeting regulatory standar...
Priding itself on its exceptional service and ability to meet client requirements, this award-winning company specialises in credit management and debt recovery services. Alongside its debt collection offering, the business provides a comprehensive t...
The business specialises in providing high-quality outside catering services on any scale, partnering with a number of prestigious venues across the North West. The business is ideally placed to facilitate further expansion due to its strong brand re...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.