KCP sells Nurse Plus in MBO

The sale of the Canterbury-based healthcare recruitment firm came was the result of a secondary management buyout funded by Sovereign Capital.

KCP invested £6.5m in Nurse Plus in June 2012, for a large minority shareholding as part of a £15m management buyout.

The private equity house, which has offices in Leeds, Birmingham and London, said it received an “attractive return” on its investment.

Since 2012, Nurse Plus has added 10 branches to its national network, bringing its total offices to 35. It also saw turnover double to £35.5m in 2014.

Mike Fell, Investment Partner for KCP, said: “We are convinced that Nurse Plus will continue to go from strength to strength.”

Heath Blake, chief executive at Nurse Plus, said: “We have enjoyed working with KCP during this period of rapid expansion; they have proven to be a supportive partner with a real understanding of the challenges facing a growing business.”

Nurse Plus was the third exit for Key Capital Partners in 2014. Earlier in the year it Scunthorpe-based TSC Foods. Bespoke furniture firm Neville Johnson was also sold in a £22m secondary management buyout backed by Alcuin Capital Partners.