UK private equity firm Sovereign Capital is backing the GBP10m management buy-out of RehabWorks, a provider of physiotherapy-led back to work rehabilitation services.
Established in 1999, RehabWorks treats individuals with long-term, musculoskeletal disorders from its centralised triage function and its 19 rehabilitation centres across the UK together with a national network of associate physiotherapists.
The company has a blue chip client base that includes Aviva, Sainsbury’s, BT, Honda and Royal Mail, as well as public sector clients such as emergency services and local authority customers.
Sovereign is backing a team led by chief executive Lutgen Terblanche who, following an early career in sports rehabilitation, has been instrumental in growing the business with the support of operations director Mark Armour. Nicky Hunter will continue in her role as clinical director.
Sovereign is augmenting the board with the appointments of Stephen Lambert, previously chief executive officer of Oasis Healthcare, as non-executive chairman and Richard Warner, previously finance director of Grosvenor Health, as finance director.
Ryan Robson, managing partner at Sovereign, says: “We are delighted to be extending our experience in outsourced employability services into the field of occupational health and backing a highly regarded business that delivers positive outcomes for its broad client base and their employees.”
Terblanche adds: “With Sovereign’s financial and strategic support we look forward to developing our evidence based mental health offering to support our established physiotherapy programmes in addition to exploring related, outsourced rehabilitation and back to work services.”
The management buy-out has been supported with facilities provided by HSBC.
