Ellfin Home Care Ltd (Able Care) (United Kingdom) - Dec 2007

unquote
01 December 2007

Tweet
Facebook
LinkedIn
Google plus
Send to

YFM Private Equity has backed the £6m management buy-in of domiciliary care business Able Care with an undisclosed equity investment. Incoming management also made a significant contribution, with the Co-operative Bank providing senior-only debt facilities to support the transaction. The deal was handled on behalf of the company by EBITDA Ltd, a business which specialises in selling nursing and domiciliary care agencies in the UK. YFM was attracted to the deal due to its interest in the increasingly fragmented healthcare sector, which offers attractive consolidation opportunities. The new investors are therefore intending to pursue a buy-and-build strategy to grow the value of the business alongside continuing organic expansion plans.

Company Able Care is a provider of home-based care to elderly and disabled patients who wish to live in the community. The Oldham-based business, which is to be re-branded as Ellfin Home Care Ltd, was founded in 1997 and currently employs more than 150 care staff.

People Deborah Heyes and Paul Cannings led the investment for YFM. Chris Birkett and Annie Lea led the buy-in team alongside David Johnson, who is to join the board as non-executive chairman. All three have extensive experience in domiciliary care, having previously established and built up a successful multi-branch operation. Irene Mayers is the founder of the business and is retiring following the sale. Marie Wood and Steve Fishburn worked on the debt package for the Co-operative Bank.

Advisers

Debt - DWF, (Legal)Equity - Chadwicks, Dave Hilton, Kevin Simmons (Financial Due Diligence)Equity - Cobbetts , Nicola Frost (Legal)Management - Bentley Jennison, Jay Singh, Stephen Fraser (Corporate Finance)Vendor - EBITDA Ltd, Peter Nuttall (Corporate Finance)Vendor - Mace & Jones, (Legal)