Castle Corporate Finance Limited (“Castle”) has advised Kent-based neurorehabilitation specialist, The Raphael Hospital (“Raphael”), on its acquisition of the Glenside Care Group (“Glenside”) from private equity house Bowmark Capital (“Bowmark”), for an undisclosed sum.
Glenside operates from two sites in Salisbury and Farnborough and currently has 173 registered beds, providing specialist assessment, treatment and rehabilitation for adults with acute and/or long-term neurological conditions. The acquisition of Glenside has enabled an exit for Bowmark, who had originally backed an MBO of Glenside in 2011. The acquisition is a key milestone for Raphael and its plans to expand its offering of holistic neurorehabilitation treatment to patients, as well as expanding its geographic presence across Southern England
The acquisition was aided by a £25 million facility raised from a specialist direct lender, which was originated by CreditSquare Ltd, a London based debt advisory boutique, who worked alongside Castle on the fund-raising process.
“We are delighted to have concluded this important transaction, and feel that Glenside will be a great addition to Raphael where we endeavour to provide the best possible care to our patients. For us, this is the first major step in a plan to expand our holistic approach to practice across Europe. All parties worked extremely hard to conclude this transaction and we are grateful to all those involved, with my particular thanks going to Castle. The bank spent a huge amount of time understanding the businesses, structuring a bespoke funding solution and remitting funds in very strict timescales. Castle provided invaluable advice in order for us to put a deal together that worked for all parties and their hard work throughout the process was crucial to the deal’s success.” GERHARD FLORSCHUTZ, FOUNDER, THE RAPHAEL HOSPITAL
“We are extremely pleased to have assisted Gerhard and his team on this major strategic event. The transaction had its challenges, but all parties were aligned in their desire to see the deal done, and ultimately, we were able to finalise matters in a very tight timescale. Now, with proper funding support, both businesses are in a position to look forward to a strong future and we wish all involved the very best for the future.” VICTORIA ANSELL, CASTLE CORPORATE Finance
“Castle were able to take Gerhard’s vision for Raphael and make it a reality. I am extremely proud of the team for all its hard work in getting this deal completed and achieving a successful outcome for our client.” STUART STEPNEY, MANAGING DIRECTOR, CASTLE CORPORATE Finance