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COVID-19 buyout: Bespoke Health & Social Care

Completing an investment in a health sector business during lockdown is no mean feat. Jason Sinclair looks at how WestBridge Capital – advised by KPMG – persevered through hard times to back the Bespoke Health & Social Care management buy-out, completed in June this year

Corporate Financier imageAs UK lockdown hit in March, Paul Sais, CEO of Bespoke Health & Social Care, had his hands full. He was supporting the NHS in freeing up hospital beds as patients with acute needs, but not affected by COVID-19, were discharged for home care. Nottingham-based Bespoke provides complex care to spinal, neurological and other patients who often require round-the-clock assistance.

At the same time, Sais was busy putting the final touches to a management buy-out (MBO), as private equity house WestBridge Capital was about to invest £9.6m to support the business’s future development.

The MBO completed in late June, and it shows that while lockdown changed the M&A perspectives, the process was intact.

Khush Purewal, KPMG’s head of corporate finance for the Midlands, marketed the sale: “In common with a lot of transactions over the last 12 months, we’ve had lots of dislocating issues – Brexit and its predicted impacts, the autumn Budget, the election, the expected change in capital gains tax – all of which meant changes in the deal timetable. After Sais got comfortable with what the tax changes meant for him, at that point the country was locking down.”

About the article

Read the full article from the Corporate Financier September 2020 edition. Exclusively for Corporate Finance Faculty & Faculties Online members, you can access our award winning magazine in its originally designed form, and our extensive archive brought to you by the ICAEW Corporate Finance Faculty.