Lifeways Community Care Limited, an August Equity LLP portfolio company, has completed the acquisition of the SLC Group. This represents the eighth acquisition since August Equity managed funds initially invested in the business in 2007.
August Equity is an independent private equity firm investing £10 to £25 million in UK based companies.
SLC provides supported living and specialist community support services for people with learning and physical disabilities as well as people with mental health and sensory needs. SLC is the second largest provider in the UK, behind Lifeways.
Prior to the acquisition, August Equity refinanced Lifeways with a facility provided by Ares Private Debt Group to take advantage of the strong acquisition pipeline. Lifeways is currently in negotiations with a number of businesses and hope to announce additional acquisitions in the coming months.
Lifeways now provides care for over 2,500 service users and employs more than 4,200 people nationwide.
Paul Marriner, CEO of Lifeways, commented: “We are delighted with the acquisition of SLC. We have tracked the business for a number of years and have been impressed with its progress. Its services and geographical reach is complementary to that of Lifeways and it will fit well within our group.”
August Equity partner, Aatif Hassan, said: “The acquisition of SLC is highly significant for the development of Lifeways and makes it the clear market leader in terms of scale, service and quality. The tender pipeline remains buoyant and the new acquisition facility enables the business to continue its growth through acquisition.”
August Equity has £300 million under management from pension funds, insurance companies, investment trusts, fund of funds and banks. It currently has a portfolio of private company investments including 4Projects, Accura, Active Assistance, Boat International Media, Enara, Funeral Services Partnership, Lifeways Community Care, Planit Holdings and Rixonway.