The Montreux Healthcare Fund’s Operating Company (Fund), Active Assistance (Active), has secured a GBP95 million debt package from BlackRock, one of the largest institutions in the financial sector.
The transaction augments Active’s ability to finance its pipeline acquisitions for the foreseeable future, which it will seek to purchase with a mixture of equity and debt.
The terms of the Senior Facility Agreement, which will allow the replacement of an existing bridging facility, are preferential to those secured on the Fund’s previous asset pool during its last cycle in which it achieved more than a 110 per cent return over three years.
The due diligence process was rigorous and encompassed the Fund, the strategy, the underlying assets, and the fund’s advisor, Montreux Capital Management (UK). BlackRock placed specific focus on the public policy implications for the strategy now and in the future, an area in which George Osborne, the UK’s former Chancellor of the Exchequer, plays a key advisory role. BlackRock’s team gave its final assent later last week.
Oliver Harris, CEO, Montreux Capital Management (UK), says: “Securing this support is encouraging. It will allow the Fund to continue its growth strategy by consolidating the sector and growing Active Assistance in a sustainable way. Our Partnership with BlackRock is a huge vote of confidence from one of the world’s largest financial institutions, and we look forward to a fruitful relationship with them throughout the growth cycle of the new asset. It was important that we partnered with a lender with the resources to come with us on this journey. BlackRock has bought heavily into the UK healthcare space and recognises Active as one of the premier operators in the space.”
