August Equity completes six bolt-ons in three months

The UK-focused private equity firm has completed six acquisitions for London and South community-care provider Enara Group.

Private equity firm August Equity is continuing an aggressive acquisition strategy for Enara Group, completing six buyouts for the healthcare provider since January 2010 while also securing financing for future purchases.

A member of the investment committee at August Equity, Sam Watkinson, declined to disclose the value of the six acquisitions or financing package, but did say that they are likely to continue at the same pace for the short-term, which have averaged about one acquisition per month over two years.

The most recent businesses added to the portfolio are Village Homecare Services in Wales, Somebody Cares in Cardiff, Community Careline in Peacehaven, Care 4 Agency in Kent, Homelink Care Services in Folkestone and Capital Care in Barnet.

The investment firm's previous spending spree for Enara Group was completed in November 2009 with the acquisition of four healthcare facilities and in April of last year the business drew on a £23 million financing package from HSBC to buy Marion Homecare, Abbey Home Care Agency and Community Careline Services. Enara has completed a total of 23 bolt-on acquisitions since August’s original investment of £20 million in 2008.

In March this year, August backed the merger of First Call Care Services, another healthcare portfolio company, with Active Assistance, committing £23 million to fund both the merger and future acquisitions.

August invests between £10 million and £50 million in UK businesses and has £300 million under management.