Asset manager BlackRock is supporting a company owned by The Montreux Healthcare Fund with £95m (€108.8m) financing to help the UK care specialist pursue acquisition opportunities.
The debt package will enable Active Assistance to finance its pipeline acquisitions for the foreseeable future, which it will seek to purchase with a mixture of equity and debt.
The terms of the senior facility agreement, which will allow the replacement of an existing bridging facility, are preferential to those secured on the fund’s previous asset pool during its last cycle, Montreux said.
Oliver Harris, CEO, Montreux Capital Management (UK), said: “Securing this support is encouraging. It will allow the fund to continue its growth strategy by consolidating the sector and growing Active Assistance in a sustainable way.”
The partnership with BlackRock is a huge vote of confidence from one of the world’s largest financial institutions, Harris said.
“It was important that we partnered with a lender with the resources to come with us on this journey. BlackRock has bought heavily into the UK healthcare space and recognises Active as one of the premier operators in the space.”
Montreux Capital Management (UK) is the advisor to The Montreux Healthcare Fund.
The fund, which acquired Active earlier this year, specialises in the acquisition and consolidation of smaller UK specialist healthcare businesses.