Buyout (LBO, MBO, MBI) • Healthcare Services

Horizon Capital UK Acquires Clinovia

On August 1, 2003, private equity firm Horizon Capital UK acquired healthcare services company Clinovia for 33M GBP

Acquisition Context

This is Horizon Capital UK’s 2nd transaction in the Healthcare Services sector.
This is Horizon Capital UK’s 3rd largest (disclosed) transaction.
This is Horizon Capital UK’s 6th transaction in the United Kingdom.

Investment Fate

Clinovia was sold to a strategic buyer in 2006 for 88M GBP.

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M&A Deal Summary
Date	August 1, 2003
Target	Clinovia
Sector	Healthcare Services
Buyer(s)	Horizon Capital UK
Deal Type	Buyout (LBO, MBO, MBI)
Deal Value	33M GBP

Target Company

Clinovia

Harlow, United Kingdom

Clinovia was the leading provider of home healthcare services in the UK, principally to the NHS. It needed restructuring and revival but had retained excellent customer relationships. It was one of the few providers of a much needed service. In 2006 Bupa acquired Clinovia for £87.7 million.

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Buyer Overview 1

Buyer

Horizon Capital UK

London, United Kingdom

Investor Investor

Category	Private Equity Firm
Founded	1999
PE ASSETS	800M GBP
Size	Large
Type	Sector Agnostic

DESCRIPTION

Horizon Capital UK is a private equity firm that targets investments in middle-market companies valued up to £100 million. The Firm has a preference for UK-headquartered businesses and will consider opportunities in the technology services, software, data/analytics, and business services sectors. Prospective transaction situations include buyouts with potential for consolidation. Horizon Capital UK was formed in 1999 and is based in London, United Kingdom.

Deal Context for Buyer	#
Overall	7 of 45
Sector: Healthcare Services	2 of 2
Type: Buyout (LBO, MBO, MBI)	7 of 22
Country: United Kingdom	6 of 41
Year: 2003	2 of 2
Size (of disclosed)	3 of 6

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2003-05-01	Leasedrive Velo Berkshire, United Kingdom Leasedrive Velo Vehicle Management offers blue chip clients the highest quality bespoke total vehicle management service available. Working in partnership with fleet managers, or delivering a complete outsourced service, Leasedrive Velo provides a range of services including fleet management; contract hire; contract purchase; finance lease; hire purchase; personal contract purchase; plus sale and leaseback. Leasedrive Velo was founded in 1983 and is based in Berkshire, United Kingdom.	Buy	£10M

DATE

TARGET

DEAL TYPE

VALUE

2003-05-01

Leasedrive Velo

Berkshire, United Kingdom

Leasedrive Velo Vehicle Management offers blue chip clients the highest quality bespoke total vehicle management service available. Working in partnership with fleet managers, or delivering a complete outsourced service, Leasedrive Velo provides a range of services including fleet management; contract hire; contract purchase; finance lease; hire purchase; personal contract purchase; plus sale and leaseback. Leasedrive Velo was founded in 1983 and is based in Berkshire, United Kingdom.

Buy

£10M

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2004-09-16	Southern Cross Healthcare Darlington, United Kingdom Southern Cross Healthcare is a group of care homes across the UK providing elderly care with high standards of care for the elderly & physically challenged.	Sell	$2.3B

DATE

TARGET

DEAL TYPE

VALUE

2004-09-16

Southern Cross Healthcare

Darlington, United Kingdom

Southern Cross Healthcare is a group of care homes across the UK providing elderly care with high standards of care for the elderly & physically challenged.

Sell

$2.3B

Explore Related M&A Activity

Healthcare Services M&A - Buyout (LBO, MBO, MBI) M&A Deals - United Kingdom M&A - 2003 M&A