Sovereign Capital supports £5.7 million management buy-out of a leading specialist healthcare services provider

Sovereign Capital Limited ("Sovereign Capital") announces that it has led, negotiated and structured the £5.7 million management buy-out of Complete Personal Assistance ("Complete"). The company is the UK's leading provider of specialist care for young severely disabled people.

The transaction includes initial finance to support the management buy-out and additional development capital to fund the planned roll-out strategy. Royal Bank of Scotland has provided the debt funding.

Based in Telford, Shropshire, Complete was founded in 1995. The management team recognised the large unmet need for the provision of specialist care services and support for people who have experienced traumatic spinal cord injury. The main activity of the company is to provide personal assistants enabling clients to return home and integrate back into the community. Complete has expanded its services to provide similar care for people with disabilities arising from illnesses such as multiple sclerosis and strokes.

The company, which employs 400 staff operates on a nationwide basis. Since inception, Complete has grown 25% per annum and significant continued growth is expected as a result of the new funding package that will enable selective acquisitions as well as the planned organic growth.

The management buy-out team is led by Barbara Scandrett, Managing Director and co-founder and has been strengthened by the appointment of David Burton as Finance Director.

Sovereign Capital has a strong track record of investment in healthcare services. In March 2002, Sovereign led the £20 million management buyout of Community Homes of Intensive Care and Education Limited (C.H.O.I.C.E.). Other notable healthcare deals include Care UK plc, Speciality Care, CVS and Ambic. The investment in Complete reinforces Sovereign Capital's expertise and commitment to invest in the healthcare services sector.

Barbara Scandrett, Managing Director of Complete Personal Assistance commented:

"We were looking for an investor who had a real understanding of our sector and the opportunities that it presents.  Sovereign has the track record and experience of working with successful healthcare services companies and their market knowledge and contact base will prove to be highly valuable with our continued growth strategy."

Andrew Hayden, Director, Sovereign Capital commented:

"As committed investors in healthcares services, we recognised the roll-out opportunity that Complete presents. The management team has already demonstrated its ability to grow the business. With our added input and funding we have no doubt that Complete's position as the UK's leading provider of these specialist services will continue to be enhanced."