Montreux buys The Regard Partnership
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Montreux Capital Management, the advisor to The Montreux Healthcare Fund, and Macquarie Lending (Macquarie) has purchased specialist care provider The Regard Partnership for £119.5m.
Regard is a major UK provider of learning disability care homes in and supported living services to hundreds of users across more than 120 sites in England and Wales. The Montreux Healthcare Fund has taken a majority equity stake in Regard, bringing their significant management experience in the care homes sector. This includes (via the Montreux Care Home Fund) the majority ownership of the ACH care homes business.
Macquarie originated the Regard transaction and developed the capital structure of the deal. Providing a bespoke loan and minority equity financing, Macquarie introduced Montreux Capital Management to the transaction resulting in a competitive offer on an accelerated timetable.
Regard appears destined for growth under the new ownership arrangements.
“Montreux and Macquarie are excellent partners for the next stage of Regard’s development,” said Regard chief executive Sandie Foxall-Smith.
“Both parties recognise the opportunities available to us and we look forward to a highly productive partnership.”
Oliver Harris, managing partner at Montreux Capital Management said Macquarie brought 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,” he said.
Florian Herold, co-head of Macquarie Lending Europe, also saw the deal as an investment in future growth.
“Regard is a solid business with an impressive management team and we saw this as an excellent opportunity to bring multiple parties together, utilising Macquarie’s strong balance sheet to facilitate the deal,” said Mr Herold.
“Having invested alongside Montreux previously we knew they were a very capable partner who can optimise the business for future growth.”