Carewatch, the Lyceum Capital-backed provider of domiciliary care services, has strengthened its regional network with the acquisition of three businesses.
It has purchased the Midlands-based homecare organisation All and Small as well as two current franchise businesses, Carewatch North Tyneside and Carewatch Swansea, with the mid-market growth investor’s support.
These latest deals bring the total number of add-on acquisitions made by Carewatch to 11 since Lyceum Capital and management acquired the company from Nestor Healthcare Group for GBP37m in October 2008.
The move is the latest stage in a growth plan which is focused on consolidating the highly fragmented domiciliary care services market.
So far the strategy has seen the business build a 149-strong UK-wide branch network and grow turnover by 180 per cent to GBP34m.
Philip Buscombe (pictured), chairman of Lyceum Capital, says: “Since we took Carewatch out of public ownership we’ve worked closely with management to implement a structured approach to expansion which has delivered superior operating performance, growth and value.
“The funding, partnership and expertise Lyceum Capital provides has enabled this excellent management team to significantly increase scale and capture market share, and is helping to secure further opportunities to continue that trend in 2010.”
Carewatch’s chief executive officer David Lyon adds: "These most recent purchases strengthen our already comprehensive network. Our ongoing acquisition growth strategy is based upon the identification and purchase of high quality local businesses, which can benefit and flourish by being part of a national network, backed by our strong infrastructure.”
