investments


Nurse Plus

Domiciliary care staffing business

June 2012

£6.5 million investment

Exited in December 2014

www.nurseplusuk.com

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“KCP was a very supportive partner throughout our involvement with them. From being supportive, responsive and decisive in our initial negotiations to acquire the business, through providing considered input into the development of out strategy and management team and finally assisting us in securing the best price for the business at exit. The KCP team's informal style, years of experience and understanding of our business made them a valuable shareholder and member of the team”

Heath Blake, CEO | Nurse Plus

The business...

Nurse Plus provides domiciliary care services and temporary care workers to residential care establishments. At the time of KCP's investment the business had 26 branches, predominantly in the south of England.

The deal...

The £6.5 million investment supported the management team of Nurse Plus, led by CEO Heath Blake, to acquire the business from two founders who were no longer active in the business on a day to day basis. As part of the deal KCP introduced an experienced Chairman with a track record of assisting management teams to deliver rapid growth.

Following the management buy-out, KCP worked with the management team to plan and execute a two-pronged growth strategy. The first part of this plan involved the opening of an additional 10 branches at the rate of three per year.

The second aimed to increase the proportion of revenues from the more attractive domiciliary care side of the business by increasing the sales and management resource focussed on this discipline within existing branches. In addition, KCP also supported the recruitment of additional middle tier management to assist the team during a phase of rapid growth.

KCP value-add...

During our investment we:

  • Introduced an experienced Chairman from the sector who guided the management team through a period of explosive growth
  • Developed the "twin track" growth strategy of a new branch roll out combined with capability enhancement in existing branches which super­charged the growth of the business and increased its attractiveness on exit
  • Supported managements' investment in middle management and systems to maintain the quality of service delivery
  • Led the exit process to ensure the best outcome for all shareholders

Exit...

KCP recommended a firm of specialist corporate finance advisers to manage the sale of the business. 12 offers were received for the business from both trade and private equity, with the eventual buyer being a private equity investor.

Key highlights...

  • Turnover growth of 143% achieved during the three years of KCP’s investment
  • The improvements and growth in the Company resulted in a 5 times return on investment at exit
  • Increased geographical reach by opening a further 10 branches