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BGF invests €10m in Brindley Healthcare

Investment news
04.01.2019.

Ireland’s largest growth capital investor, BGF, has acquired a significant minority stake in one of the largest Nursing Home operators in the country, Brindley Healthcare.  BGF has invested €10 million in the business which will be used to fund acquisitions and to support growth. This is the first investment made by the BGF team in the Republic of Ireland.

Brindley Healthcare is one of Ireland’s largest privately-owned nursing home groups with a reputation for providing the highest standards of elderly care.  It was established by entrepreneur Amanda Torrens in 2000 with a 35-bed nursing home in County Donegal.  Following a number of acquisitions and the development of new facilities, the group now consists of 8 nursing homes with a combined capacity of over 400 beds located in Counties Donegal, Galway, Mayo, Kildare and Laois.  The group is chaired by Noel Daly, former CEO of An Bord Altranais. BGF’s equity investment, together with existing debt facilities from Ulster Bank, will be used to fund expansion across the country in the coming years with a target of 1,000 beds by 2020. Leo Casey, Head of BGF in Ireland, will join the board of Brindley Healthcare.

BGF was set up in 2011 and has invested in more than 275 companies making it the most active equity investor in the UK and Ireland. It launched a dedicated fund in Ireland in late 2017 and has up to €250 million to invest in growing Irish SMEs. The investors in BGF in Ireland are the Ireland Strategic Investment Fund and the three major banks (AIB, Bank of Ireland and Ulster Bank). BGF is targeting equity investments of between €1 million and €10 million, with further funding available in subsequent rounds.

Leo Casey, Head of BGF in Ireland, said: “We are delighted to complete this important investment.  Brindley Healthcare is a very good example of the type of business which BGF is focused on; proven businesses led by experienced founders who are looking for equity support to take their businesses to the next level without giving up control.  We are a minority-only investor as we believe in empowering, not replacing, the existing management teams and we look forward to working with Amanda and her exceptional team in the months and years ahead.”

Amanda Torrens, founder and CEO of Brindley Healthcare, said: “It is with great excitement that we welcome BGF as our equity partner to Brindley Healthcare. I, together with BGF and my dedicated and loyal team, collectively look forward to 2019 where we will continue to deliver the very highest standards of healthcare. As a leader in excellence in healthcare, we will continue to raise the bar in terms of quality service while expanding our business. It is our intention to be one of the largest providers of private elderly healthcare beds in Ireland. Brindley Healthcare has always strived to deliver the best in person-centred quality care.  The key to our success has been – and will continue to be – our residents who are at the heart of all that we do. We look forward to the future with great pride.”

A&L Goodbody (legal), Deloitte (financial and tax due diligence) and HCI (regulatory compliance) acted for BGF.  Brindley was advised by Neal McGroarty of PKF O’Connor, Leddy & Holmes and by Byrne Wallace (legal).

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