Glenside

Adviser to Bowmark Capital on their investment into care home operator, Glenside.

The deal

Our Corporate Finance team has successfully worked with Bowmark Capital providing both deal and debt advisory support in their recent management buy-out of Glenside, the UK’s leading independent neurological rehabilitation centre.

Glenside operates 147 specialist care beds from a single site in Wiltshire, comprising a 40-bed intensive rehabilitation hospital and seven long term care homes, and is the leading independent provider of neurological rehabilitation services in the UK. The company has an excellent reputation for high quality care and a unique care pathway, which commences shortly after a traumatic brain injury and continues through to long term care provision. While rehabilitation of brain injury patients was historically the preserve of the NHS, purchasers have increasingly recognised the benefits that dedicated private sector operators, such as Glenside, can provide.

Glenside is planning to develop additional long term care facilities to meet the growing demand for its services across the South of England. Bowmark has invested £25 million to acquire a majority shareholding in the company and to fund a roll-out strategy, supplemented by £10 million of acquisition and development debt provided by RBS Financial Sponsors.

The team ‘s knowledge of the healthcare sector and the Bowmark investment model, allied to its detailed understanding of debt markets and the mechanics of structuring roll-out debt facilities alongside acquisition funding were key factors in their involvement in the project. The responsive and partner led approach at The team enabled the provision of flexible and informed deal support to Bowmark at short notice, thereby making an important contribution to the successful closure of the deal and negotiation of a competitively structured and individually tailored package of debt facilities.

“We were very pleased with the support provided by The team. The team at The team showed great speed of response in mobilising on the project and a highly flexible and added value approach to the way in which they worked alongside our deal team. This is the first time that Bowmark has used The team in support of our buy side activities – the experience was enjoyable, and one that we will be looking to repeat with The team in the future.” Mark Salter, partner at Bowmark Capital.

Deal summary

Date:

March 2011

Sector:

Healthcare

Deal type:

Buying a business

Deal size:

Undisclosed

We were very pleased with the support provided by the team. They showed great speed of response in mobilising on the project and a highly flexible and added value approach to the way in which they worked alongside our deal team. Mark Salter Partenr at Bowmark Capital

Related team

Ian Milne

Ian Milne

  • Partner
  • Debt Advisory
  • London West End, Reading