Following its recent realization of branded jeans company Lee Cooper, Bridgepoint Capital has announced the sale of another of its portfolio companies, Healthcall. Nestor Healthcare Group bought the provider of primary health-care services from Bridgepoint for GBP110 million.
Bridgepoint originally backed the management buyout of Healthcall in a public-to-private transaction in February 1998 for a total consideration of GBP65 million, whereby Bridgepoint provided equity funding of GBP22.5 million. Senior debt of GBP27.5 million and GBP7.5 million of mezzanine finance were provided by Royal Bank of Scotland and RBS Mezzanine, respectively, in the original transaction.
Healthcall is a provider of out-of-hours GP services in the U.K. and operates from a network of primary centers covering around 100 towns and cities across the U.K. It also provides a wide range of health-care services, including screening and assessments related to government compensation to miners; the provision of forensic medical services; a nursing care agency; and domiciliary eyecare for the elderly.
The company employs around 2,800 people. Turnover for the year ending Dec. 31, 2000 was GBP83.9 million.
The sale is the third exit for Bridgepoint Capital in the same number of months. Last month, the firm sold Lee Cooper to Matalan for GBP45 million and in June saw the sale of Sealine International the U.K. luxury yacht manufacturer, to U.S.-based Brunswick Corp. for $68 million.
NM Rothschild & Sons and Travers Smith Braithwaite (legal) acted as advisers to Bridgepoint in the Healthcall deal.