Aurelius Group, the pan-European, mid-market investor, has acquired Allied Healthcare, the UK’s largest domiciliary care business and a provider of outsourced healthcare services to the English primary care sector, from Saga. Saga will receive a total consideration of up to circa £19 million ($28.67 million); Saga will also make a one-off £10 million ($15.09 million) contribution to Allied Healthcare’s pension fund as part of the deal.

Funding to support the deal has been provided by Royal Bank of Scotland’s Asset Based Lending team with a £20 million ($30.18 million) working capital facility. The working capital facility has helped to support the completion of the acquisition and provide working capital to support the integration and future plans for the business post acquisition.

Saga announced at the start of the year that it planned to exit the market for publicly funded care by selling Allied Healthcare because of tightened local authority budgets. Allied Healthcare has more than 12,000 employees and in 2014 reported revenues of £282 million ($425.56 million).

Jon Hughes, business development director, Royal Bank of Scotland Asset Based Lending, said: “Allied Healthcare is one of the biggest names in the care industry and an impressive addition to Aurelius’ portfolio of investments. We are delighted to provide a working capital facility to support Aurelius’ purchase of the business.”