RJD reaps 1.5x on partial exit from Raphael Healthcare

The refinancing was supported by debt from the Bank of Ireland and equity from management and company cash reserves. RJD received £9.1m in proceeds from the partial exit, some of which has been reinvested as mezzanine.

Previous funding
RJD invested £6.1m of growth capital from its second fund in Raphael Healthcare in 2008, valuing the company at around £30m.

Company
Raphael, founded in 2004, provides mental health services for female patients. Headquartered in Prescot, UK, the company operates one unit in Nottinghamshire, and gained planning approval for a second unit in Merseyside. It recorded a £7.8m turnover, with a net profit of £1.3m, in the financial year leading up to March 2011.

People
Managing partner John Dillon and investment director Jill Williams worked on the deal for RJD.

Advisers
Vendor - DLA Piper (Legal).
Management - Dow Schofield Watts (Corporate finance); Hill Dickinson (Legal).

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• Topics
• UK / Ireland
• Healthcare
• Exits
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• Refinancing
• Partial sale