Background

Partnering Health Limited (PHL), founded in 2009 and based in Hampshire, provides a range of healthcare services to the NHS and private healthcare partners across the UK. This includes running Integrated Urgent Care, which provides telephone triage services and out-of-hours home visiting services to 1.7 million patients across Hampshire; custody healthcare services for Hampshire Constabulary and the City of London Police; delivering remote patient monitoring systems; and advising GP practices on the commercial aspects of their businesses. The management were looking to buy out the business to support future growth through acquisition and expand existing contracts, and appointed FRP Corporate Finance as advisers.

Action

Having worked with PHL in the past, FRP Corporate Finance’s team was well positioned to advise the company’s shareholders on the management buyout (MBO) terms, while the Debt Advisory team was also able to support PHL’s management to identify and secure the best available finance package to complete the acquisition. The FRP national Pensions advisory team advised PHL’s management on a pension structure for PHL’s shareholders.

Outcome

The MBO transaction was successfully completed with a finance package secured from lenders ThinCats to support the acquisition. By combining high-quality clinical services and governance with technological innovation, the deal will enable PHL to expand its delivery of care across the UK. Ross Brand, CEO at PHL Group, described FRP’s support on the deal as “invaluable”.