LDC sells NRS stake to H2 Equity

Despite having been invested for just 21 months, the transaction has rewarded LDC with a 2.8x return. As part of the deal, LDC has retained a minority holding in the company.

Debt
Existing lender Yorkshire Bank provided debt facilities to support the deal.

Previous funding
LDC supported the £24m management buyout of NRS in March 2013 from retailer Findel. According to unquote" data, the deal was supported with a senior debt package supplied by Yorkshire Bank.

Under LDC's stewardship, NRS's revenues have increased from £90m in 2013 to a forecast £132m for 2014. Employee numbers have jumped from 553 to 734.

Company
NRS provides outsourced community healthcare equipment and services to the NHS and local authorities. The company specialises in mobility solutions, enabling those with disabilities to be self-sufficient within the home.

People
The deal was led by LDC director and head of Yorkshire and the north east John Garner, alongside investment director Dale Alderson. Phil Isherwood is CEO of NRS.

Advisers
Vendor – Rothschild, Matthew Jowett (Corporate finance); Pinsent Masons, Peter Wood, Catherine Hemsworth (Legal).
Company – EY (Financial due diligence).

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• Topics
• Exits
• UK / Ireland
• LDC
• H2 Equity Partners
• United Kingdom