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Key Capital Partners backs Nurse Plus MBO

Key Capital Partners backs Nurse Plus MBO

Private equity house Key Capital Partners (KCP), which has an operation in Leeds, has supported a &pound15m management buyout of nursing and care staffing specialist, Nurse Plus.

Established in 2005, Nurse Plus specialises in staffing solutions for domiciliary care and the provision of temporary professionals to the healthcare sector, including learning disability and mental health units, schools, prisons, hospitals and care homes.

Canterbury-based Nurse Plus operates from a network of 26 branches in the UK and manages over 1,000 temporary workers.

The &pound6.5m investment from KCP will fund the expansion of the business to 40 branches within five years and support the development of more than 1,000 more highly trained nursing and care staff. The Co-operative Bank provided a &pound4.3m debt facility to support the MBO.

KCP investment partner Mike Fell, who operates from Leeds and London, and director Philip Duquenoy will join the board at Nurse Plus.

Fell, who led the deal team for KCP and was supported by PhilipDuquenoy and Richard Thomas, said: "The UK's ageing population, coupled with the government's drive to increase choice for NHS-funded services through its 'Any Qualified Provider' commitment is driving demand for high quality and flexible nursing and care services.

"Our investment in Nurse Plus will support the business in its objectives to improve patient care and in providing cost-effective and flexible staffing solutions to the healthcare sector."

Law firm Mills & Reeve and the Reading office of accountancy firm BDO advised KCP on the transaction. Commercial due diligence was conducted by Armstrong Transaction Services. BCMS Corporate provided corporate finance advice to the Nurse Plus shareholders.


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