Sevacare targets acquisitions with £5m deal
Wolverhampton-based care business Sevacare is set to embark on an acquisition hunt after securing £5m of funding.
The at-home care company obtained the investment from HSBC's corporate banking team in the Midlands.
Sevacare provides care and support to 3,500 residents from 31 branches. The company employs 2,700 care and office-based staff across the country.
Ravi Bains, owner of Sevacare, said the company's aim was now to grow through "appropriate and targeted" mergers and acquisitions.
Chief executive Roger Booker, who joined the company in 2009, said on his appointment that M&A activity within the company was a priority for growth.
Ian Stitt, deputy head of corporate banking for the Midlands, said: "Sevacare has proved very successful in capitalising on the growth of the Social Care market, and the increasing private sector demand for care services.
"It offers invaluable services to older people and we are delighted to be supporting its growth."
