Sovereign Capital has realised its investment in Tracscare Group. The specialist care provider has been sold to G Square, a European healthcare-focused private equity firm.
Sovereign Capital, the UK private equity Buy & Build specialist, is pleased to announce the realisation of its investment in Tracscare Group (“Tracscare”), the specialist care provider, through a sale to G Square, the European Healthcare focused Private Equity firm.
Tracscare cares for individuals with the challenging and complex needs associated with mental health, acquired brain injuries, learning disabilities or an autistic spectrum disorder. During the investment, Sovereign worked with the management team to deliver significant growth and expand the range of services offered: Tracscare increased the number of homes it operates from 21 at investment to 75 at exit and the number of service users in its care from 130 to over 350. Tracscare also extended its geographic reach from South Wales and the Midlands at the time of investment into South West and Eastern England.
The Group’s expansion was achieved both through organic growth, driven by the systematic roll out of new homes, and carefully selected acquisitions. The new homes opened were small and community-based, to best meet the needs of Tracscare’s service users and were in response to the demand for the Group’s high-quality care service provision.
During the investment period, Sovereign and Tracscare worked to enhance the range of care offered. Today, Tracscare offers a full care pathway, from 24 hour nursing care through to residential care, supported living and domiciliary care and it is recognised as a high-quality provider of outcomes-focused, personalised care.
Commenting on the transaction, Rob King, Investment Director at Sovereign, said: “We are delighted with the growth that Tracscare has achieved during our period of investment and with the additional care and support that they have been able to provide for hundreds more individuals. When we invested in Tracscare we developed a growth strategy that involved both carefully considered acquisitions and organic growth as we believed that there was increasing demand for the specialist, high-quality care that Tracscare offers. It is a testament to the hard work of Tracscare’s team that our objective was achieved and that the Group has expanded so successfully.“
“In particular we would like to thank senior management for their contributions through the investment, including Eric Millard (former CEO, now retiring), Sue Hullin (Operations Director), Val Owen (Finance Director) and Chris Conway (Business Development Director), who are remaining with the business. We would also like to recognise Paul Constable (CEO) and Ted Smith (non-executive Chairman) who have successfully helped the team plan for a new period of growth for the business.”
Paul Constable, Chief Executive of Tracscare, said: “Tracscare has seen tremendous growth with Sovereign – we have not only expanded the number of individuals in our care, but are now able to offer a full pathway of care. Alongside providing financial support, Sovereign actively supported our strategic objectives, which has enabled us to achieve the growth that we have while still staying true to our core values, of providing person-centred care in community settings. We look forward to continuing our growth with G Square.”Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.