Lyceum Capital has supported portfolio firm Carewatch’s acquisition of New Directions Care and Support.
The deal is the 13th add-on acquisition made by Carewatch since Lyceum Capital backed the company in October 2008.
Based in Enfield, New Directions Care and Support works with a number of London boroughs to help individuals maximise their level of independence.
The company has been awarded the Care Quality Commission’s highest standard for service of three star excellence and has over 20 years of experience in offering support for those with learning disabilities, mental health issues, acquired brain injuries and sensory impairment.
In July 2010 Lyceum Capital arranged an additional GBP25m of capital to enable Carewatch management to continue its programme of internal investment and facilitate further acquisitions of complementary businesses.
Carewatch currently supplies over 200,000 hours of care per week to both local authority-funded recipients and private clients and is now the UK’s largest independent national provider of home-based care and support.
Philip Buscombe (pictured), chairman of Lyceum Capital, says: “Carewatch has the management, operational structure and funding in place to ensure the business can continue growing at this rate whilst providing the highest level of care to its clients. This latest deal strengthens its provision of specialist care which, alongside geographical expansion, is a key strand of the company’s expansion strategy.”
David Lyon, Carewatch chief executive officer, adds: “We view this acquisition as a fundamental part of our growth strategy as we continue to expand organically and through complementary acquisitions, in all areas including specialist care. New Directions is a perfect match for Carewatch, as its high quality operation fits well with our overall aims and core values, and we look forward to working with the team to develop an already excellent business.”