Dutch private equity group Waterland has taken a majority stake in Silver Stream Health Care Group, in a move that will support the Irish company's plans to become the largest independent provider of residential care for older people in Ireland.
Based in Ratoath, Co Meath, Silver Stream provides long-term and respite residential and nursing care for up to 357 residents via seven Hiqa-registered care homes in Dublin, Wicklow, Meath and Tipperary.
Waterland said it would pursue a “buy-and-build strategy” to acquire high quality sites in the greater Dublin area. The investment will also be used to enhance the existing Silver Stream portfolio through a combination of refurbishment and capacity expansions.
Refinanced
Latest abridged accounts for Silver Streat Health Care Ltd show that it made a loss of €1.7 million in 2017, down from €2.2 million a year earlier. It had bank loans at the year end of more than €15 million, although the accounts state that it refinanced its borrowings in February 2018 for an eight-year term.
Waterland is invested in Schönes Leben Gruppe in Germany and has grown the company from 28 locations on acquisition 12 months ago to 42 locations. It was previously invested in Belgium and Switzerland.
Well-known corporate financier Kevin Beary has been appointed chief executive of Silver Stream. "Over the coming years, we intend to build a portfolio of scale through a combination of organic expansion and further acquisitions," Mr Beary said.
Commenting on the deal, Andy Scaife, head of Waterland Private Equity for UK and Ireland, said: "The investment creates a solid foundation for our ambition to create a market leader for care quality in Ireland."
Financial details were not disclosed but Waterland was supported by external debt financing provided by Ulster Bank.
