Funding has allowed acquisition of two new care homes in Jersey and Isle of Man and the refinancing of existing residences owned by the Group
Colliers International has secured a £20 million debt financing package for LV Care Group, a Jersey based residential and nursing care home provider, from OakNorth Bank.
The debt advisory team at Colliers secured financing from OakNorth Bank – a first offshore transaction for the bank - following an extensive review of potential funders in the market. The £20 million will be used to acquire two new care homes; the Jeanne Jugan Residence in Jersey and the Kings Reach Nursing Home in the Isle of Man, as well as refinance / provide expansionary capex for three of its existing care homes in Jersey.
Laurence Richardson, director in the Colliers debt advisory team who led the transaction, commented: “By working closely with LV Care Group and negotiating a series of tailored committed and accordion facilities, we are delighted to have helped LV to expand its portfolio while reducing its blended cost of capital. It is pleasing to have been able to introduce Oaknorth Bank to the Group, who were able to understand the complex and multi-faceted nature of LV Group’s current and expansionary business plans. We believe it is a well-matched relationship that should grow beyond the immediacy of the present funding package, delivering long term value to both parties.”
Nick Bettany, CEO of LV Group added: “The Colliers team worked very closely with our senior management over an extended period of time to develop an in-depth understanding of our operations and funding requirements and we were presented with a significant choice of interested parties. After much consideration we were excited to proceed with Oaknorth Bank that was able to offer a dynamic and flexible approach to senior lending that aligned best with our high growth trajectory and existing capital structure. We are grateful to Colliers debt advisory for their support and look forward to working together again in future.”