Crescent European Specialty Lending has provided a unitranche loan to support the acquisition of specialist healthcare company Nurse Plus by Sovereign Capital, a UK-based private equity firm, according to a statement. Terms of the deal were undisclosed.
UK-based Nurse Plus was founded in 2005 and is one of the UK’s largest providers of nurses and carers for establishment settings and within the home. It has 35 branches across England.
“We are pleased that Crescent could provide the capital needed to support Sovereign Capital’s acquisition of Nurse Plus, which will now be able to grow its business and expand its ability to provide highly-qualified nurses and healthcare assistants to private homes, nursing homes, residential care homes, and private hospitals,” Christine Vanden Beukel, managing director and head of Crescent’s European Specialty Lending strategy, said in a statement. “This transaction is consistent with our strategy of supporting the growth of middle market companies across Europe,” she added.
The Los Angeles-headquartered Crescent Capital has around $16 billion in assets under management. The European lending strategy can invest across the debt capital structure, according to the firm’s website.
Crescent European Specialty Lending I launched in June 2013, is targeting €500 million and held a first close at €241.9 million in May 2014. The University of Michigan Endowment fund made a commitment, according to PDI Research and Analytics. Crescent also has a US direct lending fund, the Crescent Direct Lending Fund, and had raised $102.96 million for that fund in September 2013.
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