Parallel Options, which supports adults with mental health needs or learning disabilities, has been bought by private equity firm Sovereign Capital. The £11 million deal was supported by senior debt from Allied Irish Bank.
Parallel Options, which supports adults with mental health needs or learning disabilities, has been bought by private equity firm Sovereign Capital. The £11 million deal was supported by senior debt from Allied Irish Bank.
The acquisition is part of Sovereign’s “buy and build” strategy and follows earlier investments in mental health care businesses such as Choice, Tracscare, Alkare and the Cascade Care Group.
Sovereign plans to expand Gloucestershire-based Parallel Options into new regions and develop the services it offers. A new management team has been appointed to lead this strategy.
The company will now be headed by new chief executive Eric Millard, who has experience in the care services sector and is well known to Sovereign.
He is joined by finance director Steve Huggett, previously commercial finance director at The Sanctuary Spa Group. Meanwhile, Sharon Gillson has been promoted to operations director following several years’ service at the company.
