New Exit: COMPLETE CARE AND MIHOME CARE

Funds of Funds Experts
Lower Mid-Market Experts

We are pleased to inform you that our UK manager has completed the sale of Complete Care and MiHome Care to a strategic trade buyer.

In February 2017, our GP acquired Complete Care and MiHome Care, for a nominal £2 (€2,3) – nil cost – as these divisions were loss-making and needed to be restructured. Last week, the GP sold the two companies for a total gain of £35M (€41M).

Complete Care is a provider of nurse-led complex healthcare in the home, with around 700 employees serving patients across the UK. Complete Care specializes in complex homecare services to both adults and children with long-term spinal injuries, brain injuries, respiratory issues and other complex conditions. Complete Care seeks to enrich their clients’ lives through exceptional care inspired by a commitment to clinical excellence. MiHome Care provides similar home and live-in care services at a slightly larger scale of approximately 2,030 employees.

Apposite, together with the senior management teams, has made substantial improvements to the companies in the 4 years of ownership:

‐         Successful restructuring of the business to enable significant revenue growth.

‐         Significant investment in technology and full digitalization of processes.

‐         Culture change program under new leadership.

‐         Significant improvement in the quality of care delivered to support regulator re-rating.

‐         Completion of 6 strategic bolt-ons.

As a result of these transactions, Qualitas Funds II will receive an initial distribution of €1.5M from our GP- to be distributed to investors in the next few days. This distribution is equivalent to 1.5% of the size of the fund and 4% of drawdowns to date.

These two companies have an extraordinary social impact and contribute to three of the United Nations Sustainable Development Goals (SDGs): SDG 3 – Good health and well-being, SDG 9 -Industry, Innovation, and Infrastructure, and SDG 11 – Sustainable cities and communities.

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