FTSE 250 support services group Mitie has bought Enara, a care-in-the-home provider built up by private equity firm August Equity, for £110.8m (€137.2m). The sale is rumoured to have netted the firm a 2.5x return.
Enara operates 57 branches and has made 50 bolt-ons since August bought the business for £20m in November 2008, simultaneously acquiring First Call Care Services.
The home care provider's last results showed revenues of £62.3m and operating profit before amortisation of £7.4m.
The Enara exit is the first from August's second fund, which closed on £155m in 2007. The 2008 vehicle was its first as an independent, having spun out from investment bank Dresdner Kleinwort in 2001 to form Kleinwort Capital, taking its fund with it.
That first fund was then renamed August Equity Partners I in 2006 when the team completed a second spin-out to form August Equity.
The private equity firm is preparing to launch its third fund, and the Enara and recent Lifeways exit to Canada's OMERS Private Equity will help give the new vehicle a push.