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Healthy start to 2010 as Browne Jacobson completes major deals push
11/02/2010
Browne Jacobson’s banking team has started the New Year with a major deals push by completing six funding deals in as many weeks and been appointed to Santander’s Corporate Banking Legal Panel.
Three deals involved specialist healthcare providers and include advising Royal Bank of Scotland’s (RBS) specialist healthcare team on funding for Bondcare on the acquisition of five locations earmarked for care home development across the East and West Midlands.Bondcare is one of the UK's largest privately held care-home companies, operating more than 40 care homes. The other deals also involved advising RBS Healthcare on its provision of 3.89m of funding for the development of healthcare centres in Bedford and Solihull.
Browne Jacobson also advised the management team of Dynamic-Materials Group Limited on a multi-million pound secondary management buyout from Barclays Ventures, with funding provided locally by Lloyds TSB Corporate Markets.
Dynamic-Materials Group, whose head office is based in Pinxton, Nottinghamshire, and which has long established manufacturing facilities in the UK and USA, is a market leader in the world of advanced materials.
Paul Ray, Head of Banking at Browne Jacobson, believes some sectors will see good levels in corporate activity in 2010. He said:
“These latest deals are a sign that the healthcare sector could be one of the most active areas for corporate activity in 2010, in particular the banks have a strong appetite to lend to this sector despite the difficult economic climate.
“The drop off in corporate activity in 2009 was marked and whilst trading conditions remain tough we are cautiously optimistic that 2010 could see an improvement in mid-market M&A deals generally.
“With an improved funding environment and relatively low valuations a number of acquisitive corporates are once again dipping their toes into the M&A pool.
“We currently sit on the corporate banking panels at RBS, Lloyds, Bank of Scotland and Yorkshire Bank. Adding Santander to that list is a real feather in our cap. Santander is becoming increasingly active across the region and we have already started acting for them on a number of finance transactions,” he added.
Submitted by Lakhbir Rakar - PR Manager, Browne Jacobson LLP