Key Capital Partners backs £15m MBO of Nurse Plus

KCP invested £6.5m in equity from its eponymous fund, which closed at £100m in December 2006.

Investment partner Mike Fell said demand in the sector is driven by an ageing population and a government initiative to increase consumer choice for NHS-funded services. He added that the investment is intended to support Nurse Plus in improving patient care and providing cost-effective and flexible staffing solutions.

Debt
The Co-operative Bank supported the deal with a £4.3m debt facility.

Company
Nurse Plus, founded in 2005, provides staffing solutions for domiciliary care and the healthcare sector, including learning disability and mental health units, schools, prisons, hospitals and care homes. The business runs in-house training and is licensed by the Care Quality Commission.

Based in Canterbury, the company employs 1,000 staff through 26 UK branches and reports a £2.3m operating profit from a turnover of £18.9m.

People
The deal was led by Fell, supported by director Philip Duquenoy and investment manager Richard Thomas. Fell and Duquenoy will join the board of Nurse Plus.

Advisers
Equity – Mills & Reeve (Legal); BDO (Financial due diligence); Armstrong Transaction Services (Commercial due diligence).
Management – BCMS Corporate (Corporate finance).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

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