MML reaps 2.8x on Regard sale to Montreaux

The exit represents a 2.8x return for MML. 

Capital for the transaction was drawn from The Montreaux Healthcare Fund, which has taken a majority stake in the company.

Since MML’s investment, Regard has invested in new support centres. Most recently the company opened three homes including Crystal House in south-east London, Park House in Weymouth and Connexions in Camborne. Regard has plans to invest in new sites in Slough, Bexley and South Lincolnshire.

Debt
Macquarie Lending provided a debt package to support the transaction.

Previous funding
In 2007, MML took a minority stake in Regard by investing £18m in a management buyout from Bowmark Capital, reported to be worth approximately £120m. The company completed a £71m refinancing in November 2011, which made £10m available to fund acquisitions.

Company
Founded in 1994 and headquartered in London, Regard is a provider of residential and supported living services. The company operates 120 sites across the UK.

People
Bal Johal is a managing partner at MML. The GP's non-executive director Chris Spanoudakis managed the exit. Oliver Harris is managing partner at Montreaux. Sandie Foxall-Smith is CEO of Regard.

Advisers
Vendor – Canaccord Genuity, Julian Feneley (Corporate finance).

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• Topics
• Exits
• UK / Ireland
• Healthcare
• MML Capital Partners
• United Kingdom