MDW Capital advises Millbrook Healthcare on its refinancing


MDW Capital is delighted to announce that it has completed another innovative financing, its fourth new funding and eighth completion of 2019. The firm advised Millbrook Healthcare on arranging new debt facilities that provide significant flexibility and funding for growth. 


Millbrook is one of the UK’s leading providers of assisted living products and services that allows people to live independent and fulfilling lives within their own homes. It was carved out from its previous owner in a complex off-market transaction that was completed all-equity by Cairngorm Capital. MDW worked in close partnership with the company and Cairngorm throughout the process. The Firm provided pre-acquisition capital strategy advice and advised Millbrook post-acquisition to refinance Cairngorm’s acquisition equity bridge with a tailored financing structure designed specifically to meet the group’s ambitious growth plans. 


Phillip Campling, CEO of Millbrook Healthcare commented “I am delighted with the new financing we have just completed, advised by MDW Capital. Their strategic approach and experience enabled them quickly to build a deep understanding of our business, our USPs and the market opportunity. We were highly impressed with the team’s engagement in and commitment to the process, which allowed my colleagues and me to focus on running our business, driving performance with minimal distraction. The outcome of their tireless work is facilities that are tailor-made to fit our needs today and for the next part of our journey – supporting our organic ambitions and other opportunities that may arise. We have really enjoyed working with the MDW team; their expertise is matched by their passion and enthusiasm for our business.” 


Dr Amit Thaper, Investment Director at Cairngorm Capital added “MDW Capital’s advisory style and approach really sets them apart: the investor inside-knowledge that they bring to bear adds so much and means we work seamlessly together. Their understanding of the business starts with our investment case and that frames the financing strategy they propose. Execution is second to none – highly engaged from start to the very end and deeply committed to ensuring we get the very best facilities possible. The result is an outstanding financing with exceptional flexibility and the capacity to support our growth ambitions.” 


David Culpan, Managing Partner at MDW Capital concluded “it has been a busy year so far for MDW and this deal exemplifies why. We worked with Cairngorm from early in their investment process, providing pre-acquisition strategic capital advice with a recommended structure. Our clients needed pre-completion confidence in the likely longer-term capital structure and access to substantial follow-on capital. The final facilities arranged have all of this and high flexibility to support the company’s organic and likely acquired further growth plans. ”