Leading corporate firm Trowers & Hamlins has advised private equity firm Ignite Growth on its acquisition of Cornerstone Healthcare.
Ignite are a UK based investment firm investing growth capital in businesses worth up to £30m.
Cornerstone Healthcare is a specialist healthcare business operating specialist nursing homes in Hampshire for older people with complex neurological, physical and mental health needs associated with challenging behaviours.
This 154 bed acquisition is the first in an ambitious five-year growth plan for the group, who have significant capital for future acquisitions in the specialist care market.
The transaction was structured as a management buy in with a varied capital structure including equity capital backing from Ignite and its partners, a ground rent financing with Alpha Real and debt facilities provided by Metro Bank. As well as advising on the structuring, the firm that specialise in advising on corporate mid-market work, also negotiated the underlying acquisition and the incoming management terms and incentive package.
Partners Tim Nye and Alison Chivers led on the transaction. Alison said:
"We are delighted to have completed on the acquisition of Cornerstone with Ignite. Investment in the care sector is high on our agenda and the work that these healthcare facilities do is market leading. We look forward to working with Ignite on their future strategy and seeing how this project develops."
