Agilitas backs MBO of Exemplar in £150m deal

The deal value is undisclosed, though unquote” understands the total financing package including potential follow-on funding is worth in the region of £150m.

Under its new ownership model, Exemplar will invest in the acquisition of new care homes and the expansion of its existing facilities.

On completion of the deal, Agilitas partner Tor Midsem and managing partner Martin Calderbank will take a seat on the Exemplar board.

The transaction marks the first buyout investment by Agilitas in 2016, having acquired Danish environmental services company MH Gruppen in June 2015. Capital for the latest deal was drawn from Agilitas 2015 PE Fund.

Debt
Rothschild Five Arrows Credit Solutions and RBS provided a debt package to support the transaction.

Company
Headquartered in Rotherham, Exemplar provides residential nursing care to patients with physical and mental disabilities, as well as those with learning disabilities.

The group operates 25 nursing homes, predominantly located in northern England and the Midlands, with around 700 beds. It generated revenues of £55m in the year ending March 2016 and has a headcount of 2,100.

People
Agilitas – Martin Calderbank (managing partner); Tor Midsem (partner).
Exemplar – Euan Craig (managing director).

Advisers
Equity – PwC (financial due diligence); KPMG (tax); Connell (commercial due diligence); Ashurst (legal); Deloitte (debt advisory); Marsh (insurance due diligence); GK Strategy (regulatory due diligence); CE Anderson Healthcare (risk due diligence).
Company – Bond Dickinson (legal); Deloitte (financial due diligence, tax, M&A); CIL (commercial due diligence).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• United Kingdom