CVC Credit Partners becomes sole underwriter to Nurse Plus
CVC Credit Partners (CVC Credit) has provided a GBP37.5 million first lien credit facility to Nurse Plus, a healthcare services business backed by Sovereign Capital Partners.
The new funding has been fully underwritten by CVC Credit and will be used to refinance the company’s existing debt facility and to support the business’s ongoing growth strategy.
Founded in 2005, Nurse Plus is a provider of nursing and care personnel to both the UK’s health and social care sectors. The business is the second largest provider in the industry with 50+ branches, from which it recruits, develops and manages an extensive and loyal database of more than 2,500 highly trained healthcare workers, who provide over 60,000 hours of care a week to its blue chip client base.
Neale Broadhead, Head of European Private Debt in CVC Credit Partners' European Private Debt business, says: “Having supported Nurse Plus since Sovereign Capital Partners’ acquisition of the business in 2014, we understand the company, its business model and the market dynamics, as well as having strong relationships with the management team and equity sponsor. Therefore when Sovereign approached us to become the sole lender, we were in an excellent position to swiftly put in place an appropriate facility which will underpin the future development of the business.”
Dominic Dalli, Managing Partner of Sovereign Capital Partners, adds: "We have a long-standing relationship with the CVC Credit team and were pleased to approach them to become the sole lender to Nurse Plus. They have a strong understanding of the detail of the business and we very much value their expertise and continued support.”