ThinCats provides £8.5m acquisition funding for Care services provider
ThinCats, leading alternative lender to mid-sized businesses, has provided £8.5m in acquisition funding to Care at Home Services for its counterpart, Westminster Homecare.
Care at Home Services was founded in 1993 and has bases across East Sussex and Kent. Its brands include Care at Home Services, Beech Tree Total Care and Domus Live-In Care. The acquisition of Westminster sees the business expand its geographic location, providing high-quality homecare services throughout the East Midlands and South East of England.
The transaction was introduced to Thincats’ business development director, Stuart Thompson, by Scott Taylor at CDI Global, corporate financial advisors. All parties pulled together in order to deliver the funding within the very tight timeframe required to complete the deal successfully.
Commercial director Dan McDowell said: ‘“We are absolutely thrilled that ThinCats and CDI Global have been able to provide a flexible financing package to support the acquisition. This allows us to take on the new network of branches, enhancing our portfolio of care services and spreading our geographical cover to more of the people that need our services the most.”
Stuart Thompson, director, regional business development, ThinCats: “This acquisition sees an esteemed care provider extend their services throughout much of southern England, providing high quality homecare services for those who need it. I want to extend a big thank you to the team at ThinCats and CDI Global for their determination and perseverance in getting this over the line. Also, to Sarah Naylor at EMW for acting as the lenders lawyers and James Lawson of MHA for undertaking financial due diligence.”
Scott Taylor – associate, CDI Global: “Having known the Care at Home Services team for some time, we’re extremely pleased to have advised on the next phase of the company’s strategy. The Westminster acquisition represents a significant step forward in scale and geographic coverage for an excellent management team in Deborah and Dan. The structuring Thincats provided was instrumental in delivering the transaction and providing for future growth of the combined businesses. A true team effort, well done to all involved