Vernacare refinancing paves the way for further growth
The deal sees the repayment of existing debt facilities provided by Tosca Debt Capital and allows Palatine to return significant sums to its investors. The new facilities were provided by Pemberton with HSBC continuing to provide a working capital facilities and day to day banking.
Headquartered in Chorley and with manufacturing facilities in Bolton, Vernacare is a global market leader in the manufacture of medical products including the single use infection control toileting system. The acquisition of HCS in November 2017 has broadened the product portfolio and seen the business double in size since Palatine’s investment in November 2017. Vernacare now employs over 260 people and their products are used by over 1 million people every day across 68 countries.
Following the successful acquisition of HCS, Vernacare continues to look for acquisitions to further enhance its product portfolio within the single-use infection prevention segment and is currently assessing a number of opportunities. The new facilities from Pemberton combined with continued support from Palatine provide the capacity to execute this strategy.
The Palatine team was led by Andy Lees and Tom Wildig with support from Clearwater International and DLA Piper.