Our transaction team have supported a Manchester-based healthcare investment company’s acquisition of a North West healthcare provider.
Tristone Healthcare, a subsidiary of Tristone Capital, has purchased K Bond Healthcare Limited, trading as Next Steps.
Next Steps, which is also based in Manchester, provides individuals with chronic and treatment-resistant mental illnesses with a therapeutic home environment to receive residential and nursing care.
Our corporate finance team provided corporate advisory services, financial due diligence and tax due diligence advice to Tristone.
The deal team was led by Simon Carruthers and Robert Holgate, and supported by Matt Ashall. Tax advisory input was provided by David Bennett, supported by our tax team.
The deal represents the latest of Tristone’s acquisitions which our corporate finance team has supported. The corporate finance team helped to structure Tristone’s acquisitions of Sportfit Support Services, Premier Care Management, ProCare (Wales), Beyond Limits and Seaside Care Homes.
Robert Holgate, corporate finance associate director, said:
“We’re pleased to again support our client Tristone in the latest milestone of their buy-and-build investment strategy.
“Yannis and the team have a clear strategy to combine their sector understanding with established, independent companies. We look forward to following both businesses’ continued growth.”
Tristone secured £20 million in funding from royalty finance provider Duke Royalty at the end of 2021 which has been used to support the transaction.
St Johns Legal provided legal advice to Tristone.
Yannis Loucopoulos, founder and CEO, Tristone said:
“The acquisition of Next Steps is another fantastic addition to our community of businesses and an important strategic step in expanding our footprint in the North West in what is a specialist area of nursing and mental health provision.
“The business has loads of potential. As such, we’ll be working closely with the senior leadership team to explore opportunities to open further homes throughout the North West, replicating the existing and highly successful model, which delivers vital services for those individuals with acute needs.”
Kirsten Bond, founder and managing director of Next Steps, will remain in the business as part of the deal.
She said:
“We’re delighted to be part of the Tristone community, which is made up of a diverse range of social care businesses that are all value-driven and care-centric.
“We’re extremely excited about the potential that exists under the guidance of Tristone, which, like us, has an unwavering focus on delivering outstanding care and support. This perfectly aligns with the reputation we have built up across our four specialist nursing homes.
“Together we are committed to maintaining that focus, while expanding our presence and services throughout the region.”
