Sovereign Capital today announces the £11 million Institutional Buy-out of Parallel Options Limited ("Parallel"), a leading provider of supported living care services to adults with learning disability or mental health needs in Gloucestershire.
Parallel is a leading player in the supported and independent living market, providing services to adults often with complex needs. This flexible, tailor-made support can range from a few hours a day to fully staffed 24 hour packages. Supported Living offers service users a real choice to move into more independent living environments, often as a step down from multiple-occupancy residential homes.
Parallel Options was established in 2001 and has grown steadily since then. Its family shareholders sought a succession solution through Sovereign Capital, which was able to introduce the senior management needed to carry their success and vision forward. As part of Sovereign's buy & build strategy, Parallel plans to develop its existing range of services and facilitate a roll out to new areas.
Learning disability and mental health care is an area that Sovereign knows well and this latest investment builds on earlier investments in CHOICE, TRACSCARE, Alkare and the Cascade Care Group. Sovereign continues to carry out in-depth sector research in this area and believes that there continues to be an unmet need for providing services at the more challenging end of the special needs spectrum. Further, the relatively new (since 2003) Supported Living model of independent, flexible care is gaining popularity as a complementary service.
Parallel will be led by Eric Millard, CEO who has a wealth of experience of delivering high quality specialist care services and who is well known to Sovereign. Steve Huggett, previously commercial finance director at The Sanctuary Spa Group, has joined as Finance Director. Sharon Gillson, who has been with Parallel for a number of years, has been promoted to Operations Manager. Sovereign's investment was made alongside Allied Irish Bank, who provided senior facilities.
Commenting on the transaction, Dominic Dalli, Director, Sovereign Capital said:
"We are delighted to welcome Parallel Options into Sovereign's stable of healthcare assets. Parallel's flexible offering is of a very high quality and provides a range of additional independent services which complement well our residential care businesses."
Eric Millard, CEO of Parallel Options, commented
"Parallel Options is an outstanding specialist care group and I am delighted to be leading the management team into the new phase of the business's development. It has an excellent reputation and I believe that we will be able to build upon the success the group has achieved to date."
