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Barclays Private Equity exits leading private care company

20 sept. 2005

Barclays Private Equity, one of the most prolific mid-market private equity deal makers in Europe, has sold its stake in CareTech Holdings Limited to the management team. The shares were bought by CareTech’s founders Farouq and Haroon Sheikh together with Graham Cook Operations Director, Graham Mattinson Commercial Director, David Spink Finance Director and Stewart Wallace Development Director all management and shareholders. Barclays Private Equity achieved an IRR of 34.8 per cent in less than three years from its original £8 million investment.  

Founded in 1993, CareTech is one of the UK’s leading providers of residential care and support for people with learning disabilities and is growing rapidly. During the investment period, the Hertfordshire based company expanded from 254 beds in 2002 to 435 beds in 2005 and increased turnover to £ 18.2 million for the year ended September 2004. Latest figures from the Centre of Management Buy-Out Research (CMBOR) sponsored by Barclays Private Equity and Deloitte identify the healthcare sector as one of the strongest in terms of private equity.  

Andrew Murtagh, Director Barclays Private Equity comments: “The healthcare sector is going from strength to strength. There are a number of different factors that are prompting this growth, including our ageing population and rising concerns over the NHS. CareTech’s strategic expansion policy meant that it has performed well during the investment period in a competitive marketplace.”  

Farouq Sheikh, Group Chief Executive of CareTech said: “Barclays Private Equity undoubtedly helped us in our task of meeting demand without dropping our standards from the first class care we have always provided.”

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