CMA clears foster deal

The Competition and Markets Authority (CMA) has cleared the completed acquisition by Core Assets Group (CAG) of Partnership in Children’s Services (PiCS) and Boston HoldCo B Ltd.

As reported in January, the authority served an initial enforcement order under section 72(2) of the Enterprise Act 2002 in relation to the purchase.

The network brings together CAG’s Core Assets Children’s Services, Foster Care Associates, Fostering People, Active Care Solutions, Adopters for Adoption and LCS (Leaving Care Solutions), alongside PiCS’ Clifford House, FosterPlus, ISP and Orange Grove.

Sovereign Capital, advised by Clearwater International, sold PiCS to CAG, which had been acquired by CapVest. The deal was worth £100m, according to media reports.

The CMA said it will publish the full text of its decision shortly.