Global private equity firm Summit Partners is acquiring City and County Healthcare Group, the largest provider of domiciliary care services in the UK, HealthInvestor UK understands.

City and County has been owned by Graphite Capital since 2014, when the business was purchased from Sovereign Capital.

The domiciliary care sector has struggled in recent years, with a number of businesses under pressure from meagre funding increases and integration issues following a series of ‘buy and build’ strategies from investors in this space.

No financial terms of the deal have been disclosed but it is believed the exit represents a modest return for Graphite Capital.

City and County Healthcare Group consists of more than 20 brands in the domiciliary care sector and the business recently acquired Interserve Healthcare from Interserve Group, including its service delivery brands Advantage Healthcare and Strand Nursing.

Interserve Healthcare provides specialist care for adults and children living with a wide range of conditions in their own homes. It also provides a small amount of elderly homecare and agency services.

Based in Telford, Interserve Healthcare manages care packages for customers across England, Scotland and Wales. As well as services commissioned by clinical commissioning groups, Interserve delivers a combination of self-funded, insurance-funded and case-managed care services.

In a statement City & County Healthcare said Interserve Healthcare fits with its strategy to acquire community care businesses to which it can add financial and technical resources to help growth.

Boston-based Summit Partners typically invests between $10 million and $500 million per company and currently manages $23 billion in assets across technology, healthcare and life sciences and growth products and services.

City and County, Graphite Capital and Summit partners all declined to comment on the story.

The auction of City and County Healthcare was run by the M&A team at PwC.

Date published: December 21, 2020

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