Apposite Capital, an independent investment firm focused exclusively on healthcare, has acquired the UK social care division of Mitie Group for a cash consideration of GBP2.
The division consists of the domiciliary care and homecare businesses, Enara Group and Complete Care Holdings.
In addition, Mitie will contribute GBP9.45 million to the funding of trading losses and the cost of the turnaround plan. This will be paid in two tranches with the first (GBP5.4 million) on 1 April 2017 and the second (GBP4.05 million) on 1 July 2017.
Enara, trading as MiHomecare, provides care at home for people who require help and support due to illness, infirmity or disability, while Complete Care provides nurse-led, complex care solutions in the home.
Enara and Complete Care will continue to be headed by Narinder Singh, current Managing Director. Together, Apposite and the management team are committed to ensuring high quality care to its service users.
The divestment of Enara and Complete Care follows the previously publicly communicated decision, as set out in the group’s interims announcement on 21 November 2016, by Mitie to withdraw from the domiciliary healthcare market.
David Porter (pictured), managing partner, Apposite Capital, says: “We are committed to ensure an orderly transition and the wellbeing of the service users and also the care workers. We are very much looking forward to be working closely with Narinder Singh and his team as we return the business to profitability and continue the work done to enhance the quality of care and develop and grow new service lines.”
Narinder Singh, managing director, says: “I am very pleased to be working with Apposite Capital, such a well-respected investor with direct experience in the social care and homecare sectors. I am confident that together we will be able to transform the business into a leading social care provider to address the growing care needs in the UK.”
