17 February 2005 – LAWFUEL – The Law News Network – Allen & Overy has advised Bank of Scotland (“BOS”) and Uberior Ventures Limited, an affiliate of BOS, on a £280 million management buy-out of Ashbourne Healthcare, one of the UK’s largest healthcare operating and management companies.
The transaction, with an enterprise value of £280 million, has been financed by Bank of Scotland. Allen & Overy acted on the debt and equity aspects of this transaction.
Ashbourne Healthcare, whose main office is in Glasgow, now operates more than 160 homes with a total of 8,500 beds throughout the UK and was the subject of a management buy-out financed by Electra in April 2003. The team of four directors of Ashbourne, headed by James P Flaherty, has as equity investors bought in the company in partnership with Uberior Ventures Limited.
Corporate partner Cindy Cook led the Allen & Overy transaction team, assisted by senior associates Gordon Milne, Claire Farley and Elizabeth Wall.
Banking senior associate Sanjeev Dhuna led the Allen & Overy banking team, assisted by senior associate Antonia Lester and associate Heather Roberts.
Commenting Cindy Cook said: “The care home sector has seen a high percentage of private equity deals in recent months, with investors attracted by its capacity to generate cash. Once again, we are pleased to have partnered with the joint venture team at BOS Corporate in this strategically important investment.”
Commenting Sanjeev Dhuna said: “This transaction provided Allen & Overy a further opportunity to work with BOS on both the equity and debt side and has helped to further develop our relationship with BOS.”
Simmons & Simmons advised the management.