A Complete exit for Sovereign

Complete Group, a UK specialist homecare services provider, has been sold by London-headquartered Sovereign Capital for £33m to Claimar Care Group.

Sovereign, which first invested in the company in December 2002, has made a 5.7x return from the sale, which represents an IRR of 51%.

Complete is based in Telford and specialises in providing care packages to adults and children with severe long-term illnesses or disabilities such as spinal injury recovery. It currently has over 200 clients on its books.

Since Sovereign’s £5.7m backing of the MBO lead by Complete managing director Barbara Scandrett, the business has expanded geographically and now provides care for a wider range of disabilities, including cerebral palsy and muscular dystrophy. Earlier this year is acquired Paediatric Nursing Link, improving Complete’s presence in the paediatric care sector.

Over the past five years, the company has more than doubled the number of clients, and over the past three years has achieved an average of 27% per annum year-on-year revenue growth.

Andrew Hayden, managing partner at Sovereign, said: “Complete is an excellent business which has gone from strength to strength over the past five years. Complete’s consistent record of growth clearly illustrates the value of our buy & build approach. We are delighted with the result.”

This is the third exit from Sovereign’s first Fund (SCLP I). The fund contains nine further investments which continue to grow strongly. Cash returns now exceed 1.8x (monies drawn) and the fund IRR is currently 53%.