Palatine-backed Vernacare refinances

Vernacare has repaid existing debt facilities provided by Tosca Debt Capital. New facilities have been provided by Pemberton Capital Advisors, with HSBC continuing to provide working capital facilities and everyday banking.

The refinancing will allow Palatine to return capital to its investors.

Vernacare, which is a Palatine Equity Fund III portfolio company, will continue to pursue a buy-and-build strategy.

Previous funding
In 2015, Palatine backed the management buyout of the company, drawing equity from its Palatine Private Equity Fund III. The fund closed on £220m in 2015.

The company acquired HCS in 2017.

Company
Headquartered in Chorley and with manufacturing facilities in Bolton, Vernacare produces medical products such as a single-use infection-control toileting system. Founded in 1964, the company employs 260 people.

People
Palatine Private Equity – Andy Lees (partner).
Vernacare – Matt Miller (CEO).

Advisers
Equity – Clearwater International (corporate finance); DLA Piper (legal).

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• Topics
• Exits
• Refinancing
• UK / Ireland
• Healthcare
• Refinancing
• Palatine Private Equity
• United Kingdom
• Pemberton Asset Management
• HSBC