Apposite Capital acquires Mitie’s social care division
Acquisition of Enara and Complete Care from Mitie
1st March 2017, London UK – Apposite Capital, an independent investment firm focused exclusively on healthcare, today announces that it has acquired the UK social care division of Mitie Group plc (“Mitie” or the “Group”), the facilities management and consultancy company, for a cash consideration of £2. The division is consisting of the domiciliary care and homecare businesses, Enara Group Limited (“Enara”) and Complete Care Holdings Limited (“Complete Care”).
In addition, the Group will contribute £9.45m to the funding of trading losses and the cost of the turnaround plan. This will be paid in two tranches with the first (£5.4m) on 1st April 2017 and the second (£4.05m) on 1st 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. Throughout the review period (first mentioned in the Group’s trading update announcement on 19 September 2016) and sale process, Enara and Complete Care have continued to operate in an orderly and responsible manner, prioritising high standards of patient care.
David Porter, Managing Partner, Apposite Capital said: “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, commented: “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.”
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Mitie Group plc
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Investor Relations Manager
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About Apposite Capital
Apposite Capital is an independent investment firm focused exclusively on healthcare. The firm operates at the small end of the private equity market, providing both capital and expertise to growth and buyout transactions. Fundamental to Apposite’s philosophy is achieving high quality care to create market leaders in healthcare.
Apposite has an in-depth sector knowledge covering key aspects of the healthcare industry internationally coupled with local insights, an exceptional network and an entrepreneurial mindset which it applies to drive the growth of its portfolio companies.
Apposite was created in 2006 and is headquartered in London, UK.
About Mitie Group
Mitie is a FTSE 250 business providing facilities management, consultancy, project management and a range of specialist services that connect people with innovation and technology; helping our clients create better places to live and work.
We work in partnership with organisations to deliver long-term value, offering a wide range of services – from real estate and energy consultancy, compliance, risk assessment and security systems to cleaning, catering and environmental services. We manage and maintain some of the nation’s most recognised landmarks for a range of blue-chip public and private sector customers.