RSM provided vendor due diligence in respect of Key Capital Partners’ exit from Nurse Plus to a secondary buy out funded by Sovereign Capital.
Nurse Plus provides flexible staffing solutions for the healthcare industry, specialising in domiciliary care services and flexible staffing solutions for care homes and hospitals. Incorporated in 2005, the business has grown to become one of the UK’s largest providers of nurses and carers from a network of 35 branches.
Having backed the management team of Nurse Plus in 2012 and supported them through a period of rapid growth which saw the company open 10 new branches, we were appointed by Key Capital Partners to provide vendor due diligence to assist them in respect of the sale of their shareholding in the business. Working closely with the team we undertook an issues-led due diligence process, focussing on the drivers of growth and other areas impacting on valuation, including normalised working capital.
What RSM did
RSM helped ensure the smooth completion of a deal which will allow Sovereign Capital to work with Nurse Plus’ experienced management team to expand the business to meet the increasing demand for its services. The care services sector is one that Sovereign knows well through successful past investments, thus making the buyout a strategic fit for both parties.
'The RSM team worked closely with ourselves, the management team and other advisers throughout the process to help us achieve a successful exit from Nurse Plus. We were delighted with their assistance, and benefited from their knowledge of the sector. They quickly understood the nuances of the business, and by using a senior team day to day their work remained focussed on the key issues.'
Philip Duquenoy, Key Capital Partners
Rebecca Guerin, Partner, T: +44 (0)7932 668 919
James Killing, Director, T: +44 (0)7813 845 885
Steve Jacob, Tax Partner, T: +44 (0)7972 004 060