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Portfolio News March 2016

Altitude Partners Generates 2.9x Return from The Care Division Exit to Alina Homecare


Altitude Partners, the regional private equity fund, has completed the exit from The Care Division Limited (‘TCD’), to Alina Homecare (‘Alina’), generating a return of 2.9x.

Established in 2006 and with offices in Dorset and Hampshire, TCD is focused on providing a ‘Supported Living’ service for adults with learning disabilities, helping them to live happy and rewarding lives as part of their local community. Supporting Local Authority and an individual’s requirements TCD provides direct 24/7 support to many individuals along with specific client-focused support packages.

With Altitude’s support following the original 2011 investment TCD developed an advanced software system called ‘My Diary’. This is an advanced safeguarding solution and has been instrumental in the growth of the business.

The business has doubled in its number of hours per week since Altitude’s investment.

The acquisition by Alina, the homecare services business backed by Bridges Ventures, is their fourth of recent times and signals the next stage in their expansion plans. With the rising demand for primary care service requirements for the over-60s TCD provides Alina with a platform to deliver an additional range of complementary services.

Stephen Piper, Managing Director of TCD, commented: “Altitude’s consistent support and financial backing has been absolutely essential in allowing us to grow our business, develop our revolutionary safeguarding software and deliver the highest quality care for our customers.”

Simon White, Partner at Altitude, commented, “Stephen, Jane and the team at TCD have been a pleasure to work with over the last four years, being true innovators in their approach to the monitoring and provision of high quality care.”

The exit is the first of a number of exits from Altitudes first fund and represents a return of 2.9x the original investment. Since 2011 Altitude has invested over £4m and is currently looking to secure three further completions in the near future.

Altitude’s second fund will be opening for new investors later in the year where the focus will continue to be to invest between £10.5m and £43.5m in ambitious teams leading growing businesses.

Legal support for the transaction was provided by Pitmans (Sean Kelly, Oliver Kelly, Victoria Lewis) and the shareholders were advised by Grant Thornton (Mark Naughton, Nigel le Bas).

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