Clydesdale Bank backs Tracscare buyout
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Clydesdale Bank has provided funding worth £16.75m, as part of a three bank senior debt package, to support the management buyout of specialist care provider Tracscare Group.
The purchase of Tracscare by its management team was supported by pan-European private equity firm G Square and funded through Clydesdale Bank’s acquisition finance team and two other club partners.
Tracscare provides specialist healthcare to a range of service users with learning disabilities, acquired brain injuries, mental health or autistic spectrum disorders. Established in 1985 when it opened its first residential care unit in Hazeldene, Swansea, the group has since undergone major expansion and now provides care facilities in 75 homes across England and Wales.
Tracscare chief executive Paul Constable said the last decade had seen substantial growth for the group.
“Our strong occupancy rates are testament to the reputation we have developed as a provider of quality services,” said Mr Constable.
“Having now completed the management buy-out of the group, our focus in the coming months will be on building further on the success Tracscare has achieved to date.
“The team at Clydesdale Bank have demonstrated their understanding of the healthcare business and an appreciation of our ambitions for the group as we move into the next phase of our development.”
Using leveraged and specialist finance, Clydesdale Bank’s acquisition finance team structure a wide range of transactions in the lower mid-market, across a variety of sectors and on a sole bank or club bank basis, from private equity sponsored institutional buyouts to more traditional management buyouts.