Parallel Options sells to Sovereign
The VC buys up the adult care provider in an £11m deal
Parallel Options the care service provider for adults with mental health and learning disabilities has been bought out in an £11m deal.
The Gloucester-based family-owned company has been acquired by Sovereign Capital with the support of management and the Allied Irish Bank.
The company was established in 2001 and has become a leading player in its field, offering patients fully staffed 24-hour packages.
Its family shareholders sought a succession solution through Sovereign Capital, which was able to introduce the senior management needed to carry the company forward.
As part of Sovereign’s buy and build strategy, the new management, led by chief executive Eric Millard plans to develop its existing range of services and facilitate a roll out to new areas.
Millard said: “Parallel Options is an outstanding specialist care group and I am delighted to be leading the management team into the new phase of the business’s development.
“It has an excellent reputation and I believe that we will be able to build upon the success the group has achieved to date.”
Other changes to the board include Steve Huggett, previously commercial finance director at The Sanctuary Spa Group, who has joined as finance director.
Also, Sharon Gillson, who has been with Parallel for a number of years, has been promoted to Operations Manager.
© Crimson Business Ltd. 2007