Healthcare at Home in £100m bank deal
Burton-on-Trent-based Healthcare at Home has sold a majority stake of the business to private equity house Vitruvian Partners, as well as securing £100m of bank refinancing. The investment aims to allow the executive management team, led by chief executive Mike Gordon, to expand rapidly, it said.
Vitruvian acquired a stake in the business, alongside investment company Hutton Collins Partners and other existing investors.
The banking facility was secured with RBS and HSBC.
Healthcare chief executive Mike Gordon said: "The growth of our business continues at pace. This new investment from Vitruvian, supported by our new lenders RBS and HSBC and our existing partners Hutton Collins, gives us flexibility to continue to expand, innovate and deliver new patient services.
"It will create improved health outcomes and transform the patient experience whilst reducing costs for healthcare commissioners including the NHS, private health insurers and pharmaceutical companies."
Graham Young, who led the transaction for HSBC, added: "Sustainable market growth, driven by an ageing population with an increasing preference for home treatment, increasing hospital operational costs and capacity pressures and development of biologic drugs requiring professional administration, alongside a high-quality debtor book, make the company an attractive funding proposition from a debt-financing perspective."
Healthcare at Home, which was founded in 1992, has increased the number of patients treated each year from about 5,000 in 2001 to more than 150,000 in 2011.
Services are provided to patients in their own homes, in the community, and on site in the NHS and the independent sector.
