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The deal was funded through the Bank’s Acquisition Finance team and two other banking partners, alongside equity investment by private equity firm G Square.
Tracscare provides specialist healthcare to people with a range of health issues including learning disabilities, acquired brain injuries, mental health and autistic spectrum disorders.
Established in 1985, Tracscare opened its first residential care unit in Swansea. Following a major expansion programme, the business now provides care facilities in 75 homes across England and Wales.
Commenting on the transaction, Paul Constable, Chief Executive of Tracscare, said: “The last decade has seen substantial growth for the group with ongoing development of our facilities across the country.
“Our strong occupancy rates are testament to the reputation we have developed as a provider of quality services. Having now completed the management buyout of the group, our focus will be on building further on the success Tracscare has achieved to date.
“The team at Clydesdale Bank have demonstrated their understanding of the healthcare business and an appreciation of our ambitions for the group as we move into the next phase of our development.”
Mike Tarr, Director for Acquisition Finance at Clydesdale Bank, added: “Tracscare has a well-deserved reputation across the healthcare sector for the high standards of its services.
“Paul and his team have an ambitious strategy for the future of the business and we look forward to working with them and with G Square to support their expansion plans.”
The team at Clydesdale Bank have demonstrated their understanding of the healthcare business and an appreciation of our ambitions for the group as we move into the next phase of our development.
Your digital services have had a Virgin Money makeover. Make the move today by using the new Virgin Money internet banking service.
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Your digital services have had a Virgin Money makeover.
There are no changes to your account information or login details, and you'll recognise the layout of the system once you click through. The only difference is that you will now sign in with the new Virgin Money Business Internet Banking service.
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