Waterland inks first deal in Ireland

The Netherlands-based GP plans to pursue a buy-and-build strategy with follow-on funding available to acquire single sites and small groups in Greater Dublin and the surrounding area.

The investment will also enhance the existing Silver Stream portfolio through a combination of refurbishment and capacity expansions. New build development locations are also under consideration.

Waterland is an experienced residential care homes investor, having previously backed the Senior Living Group in Belgium (around 47 locations) and Seniocare in Switzerland (around 34 locations). Waterland is currently invested in Schönes Leben Gruppe in Germany, and has grown the company from 28 locations on acquisition 12 months ago to 42 locations today.

Healthcare industry specialist Kevin Beary has been appointed as CEO of the group to support the existing leadership team.

The transaction was supported by external debt financing provided by Ulster Bank.

Silver Stream is Waterland's first platform deal in Ireland and the fifth platform deal by the UK & Ireland team. Waterland opened an office in Manchester in 2017.

Company
Founded in 1993, Silver Stream provides residential and nursing care for up to 357 elderly residents. Headquartered in Ratoath, Silver Stream operates seven HIQA Registered care homes in Dublin, Wicklow, Meath and Tipperary.

People
Waterland – Andy Scaife (head of UK and Ireland); Dominic Graham (senior investment manager); Anthony Demaerel (investment manager).  

Advisers
Equity – RSM (corporate finance); Leman Solicitors (legal); Mills & Reeve (legal); Candesic (commercial due diligence); RSM (financial due diligence, tax); Deloitte (debt, tax); Marsh (insurance due diligence).
Company – PWC (tax); Flynn O'Driscoll (legal); LK Shields (legal).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
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• Waterland Private Equity