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Thornbury Nursing Services Moves to Blackstone

Thornbury Nursing Services Moves to Blackstone
Paul the psychic octopus was right last week when he predicted ICS moving to Blackstone. ICS or Thornbury Nursing Services were owned by UK mid-market private equity firm Inflexion and F&C Private Equity Trust who have sold their stake to US private equity firm Blackstone, for what RI understands to be between 110m (131.7m) and 125m (149.6m).
It has been reported that F&C said that it had received proceeds of 6.3m (7.5m) in cash and 500,000 (598,487) in loan notes which, together with earlier distributions, represents a net investment multiple of 2.5 times and an IRR of 73 per cent. The figure represents an uplift of 1.45m (1.73m) on the carrying value of the firms position as of 31 March.The firms invested in ICS 22 months ago. Inflexion, who led the deal, has reportedly doubled its money. F&C said, The realisation of the company's largest co-investment demonstrates the quality of the portfolio and the ability of our investment partners to create value even in the most difficult of market conditions."Inflexion recently took AIM-listed IT services company FDM Group private for 28.4m (34m).

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