Elysian Capital has bought Gloucester-based Aspirations Care from August Equity, along with the care firm’s management. This represents the sixth platform investment in the Elysian Capital II LP Fund which closed in July 2015 at £250 million
Aspirations Care is a specialist provider of supported living services for adults with learning disabilities and complex needs. It had revenues to March 2019 of over £22m. Founded in 2011, the Gloucester-based company now has over 950 staff supporting 650 adults in their own homes across England.
The demand for supported living is growing as a consequence of population growth, the longer life expectancy of individuals with acute needs and a trend of moving individuals out of residential or institutional care facilities into supported living to deliver better outcomes. Caring for individuals in their own home rather than in an institutional environment allows a more personalised approach with a focus on improving the individual’s independence and, consequently, “stepping down” support over time. As importantly for Local Authorities, supported living costs are less to deliver than residential care.
Having identified an undersupply of support at the mid to high acuity end within a number of local authorities, Aspirations is working with commissioners to meet this need with the first services being provided in Birmingham.
Edward Brett, Partner at Elysian Capital said: “Aspirations has built a reputation of providing high quality care to those with complex needs – and, most importantly, doing so in a caring and personal way. We are very pleased to have the opportunity to work alongside the business to continue to develop its care offering, in a managed, organic manner.’
CEO Christine Cameron added:“This exciting opportunity with Elysian Capital will enable further investment in Aspirations Care, supporting our plan to grow the supported living services we offer to people with multiple and complex needs , whilst extending our current specialist services to new geographical areas.’’
‘’We feel that every person irrespective of need or complexity has the right to live in their own home, with the support that they choose. It is our mission and that of our staff to ensure that we support and encourage adults to recognise and achieve their potential.’’