Macquarie Lending has provided debt and minority equity financing for Montreux Healthcare Fund’s £119.5 million buyout of The Regard Partnership, a UK-based care homes business, according to a statement. The fund opted for a unitranche debt deal and part of the deal is secured with Regard’s real estate.
Montreux Healthcare Fund, which was advised by Montreux Capital Management, opted for a unitranche facility because of the simplicity of the instrument and the ability to execute the financing quickly, said a source close to the deal.
From selection as preferred bidder to closing the deal took about five weeks over August and early September. Macquarie brought another $300 million credit fund on board to join the unitranche debt facility, but retains more than 75 percent of the exposure itself, the source continued. The fund was advised by Farallon Capital Europe, according to the statement.
“Macquarie brings significant expertise in creatively developing and underwriting deals of this nature. This capability will allow us to focus on care delivery and growing Regard further throughout the UK with a number of opportunities on the horizon,” said Oliver Harris, managing partner at Montreux Capital Management.
Regard is a learning disability care home provider with more than 120 sites across the UK.
Montreux Healthcare Fund already controls a care homes network through its ownership of ACH.