“We were looking for the right finance partner to support us in our ambitious growth strategy,” he says. “We felt that Close Ventures offered a very attractive proposition and we are very excited about having them on board.”
Prime Care, which was founded in 2002, provides home-care services in East Sussex and live-in care services throughout East and West Sussex. It has also developed a franchise proposition under the Purple Care brand. The company employs more than 130 full-time and part-time care staff.
Close Ventures aims to use Prime Care as a platform to create a domiciliary care business with a presence throughout the South of England through selective bolt-on acquisitions and organic growth.
The growth of the domiciliary care market, which is currently estimated at £2.6bn, is being driven by long-term demographic changes, according to Close Ventures director Emil Gigov, who will join the board of Prime Care as a non-executive director.
“However, it remains very fragmented – the top five national players account for only 20 per cent market share, leaving plenty of room for consolidation,” he says.
“Prime Care is well positioned to play a role in this process and also capitalise on the government’s drive to promote individual budgets, which will favour top-rated care providers.”