May 2007

Hazlewoods play a major role in the acquisition of Parallel Options Limited by Sovereign Capital

The Cheltenham based Corporate Finance Team of leading firm of business advisers and chartered accountants, Hazlewoods LLP, led by Partner Andrew Brookes, has recently advised on the acquisition of Parallel Options Limited (Parallel) by Sovereign Capital.

Parallel is a leading player in the supported and independent living market, providing services to adults often with complex needs. This flexible, tailor-made support can range from a few hours a day to fully staffed 24 hour packages. Supported Living offers service users a real choice to move into more independent living environments, often as a step down from multiple occupancy residential homes.

Parallel was established in 2001 and has grown steadily since then. Its family shareholders sought a succession solution through Sovereign Capital, which was able to introduce the senior management needed to carry out their success and vision forward. As part of Sovereign's buy and build strategy, Parallel plans to develop its existing range of services and facilitate a roll out to new areas.

Parallel will be led by Eric Millard, CEO, who has a wealth of experience in delivering high quality specialist care services and who is well known to Sovereign. Steve Huggett, previously commercial finance director at The Sanctuary Spa Group, has joined as Finance Director. Sharon Gillson, who has been with Parallel for a number of years, has been promoted to Operations Manager. Sovereign's investment was made alongside Allied Irish Bank, who provided senior facilities.

Dominic Dalli, Director commented: "We are delighted to welcome Parallel Options into Sovereign's stable of healthcare assets. Parallel's flexible offering is of a very high quality and provides a range of additional independent services which complement well our residential care businesses."

Andrew Brookes of Hazlewoods Corporate Finance and his team including Richard Dade advised on the financial aspects of the transaction. Andrew commented: "There has been significant growth in the supported living area of Long-Term Care and this business had a strong reputation and presence in Gloucestershire."

Andrew Brookes and his team provided Financial Due Diligence advice to Sovereign Capital, utilising the significant experience that the team have in Long-Term Care. This was the 15th transaction completed in the healthcare sector in 2007.

Joanne Ellis and Ann McCarthy of Pinsent Masons provided legal advice to Sovereign Capital in the transaction.

For further information on this press release, please contact:
Andrew Brookes
Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham GL50 3AT

Tel: 01242 246670
e-mail: ab@hazlewoods.co.uk