UK lower mid-market private equity firm Synova Capital has acquired Clearwater Care, a provider of residential care facilities for an undisclosed sum.
Clearwater currently operates 14 care homes in South East England and focuses its services on providing specialist care services for adults with severe learning disabilities.
As part of the transaction, the buy-in team will be joined by the incumbent management team which includes chairman, Martyn Ward and operations director, Andrew Gee.
In further personnel changes, Tony McLean and Philip Arden have been hired by Synova to lead the company as CEO and CFO respectively. McLean joins from Care Principles where he was group director of operations. He previously held the positions of chief executive officer at Castlebeck Group and Essex and Herts NHS Trust. Arden was formerly a CFO of Hallmark Group, a provider of elderly care.
Managing partner of Synova Capital, David Menton said: “We are backing a management team to execute a buy and build strategy in a very fragmented sector and have already identified a pipeline of potential acquisitions.”
Financial backing for the buyout came from Bank of Ireland who are said to be continuing to support the business and will work with Synova to implement a growth strategy.