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Double refinancing for Sovereign
Private equity firm Sovereign Capital has spent £53 million refinancing two companies that provide care to adults with learning difficulties and mental health needs.
The firm invested £37 million in Tracscare and £16 million in Truecare, which are the seventh and eight investments from its first fund.
The vendor due diligence was provided by Hazlewoods LLP, led by Andrew Brookes, who said: “We have worked with both Tracscare and Truecare in the past, advising on the BIMBO of Truecare and on a number of bolt-on acquisitions for both companies.
“As such we were delighted to assist in the recapitalisation exercise, which will allow both companies to continue their rapid development, in partnership with Sovereign,” he added.
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