Tristone Healthcare, a portfolio company of Manchester-based private equity firm Tristone Capital, announced on December 13 its acquisition of K Bond Healthcare Ltd, doing business as Next Steps.
Duke Royalty Ltd supported the transaction with a follow-on investment of £3.2 million (approximately $3.968 million) into existing royalty partner Tristone Healthcare to fund its acquisition. Duke Royalty has now invested £17.6 million (approximately $21.824 million) into Tristone Healthcare.
Moore & Smalley acted as finance and tax advisor and St. Johns Legal acted as legal advisor for Tristone. Redwoods Dowling Kerr acted as broker, DHD & Co acted as accountants and Ison Harrison acted as solicitors for Next Steps. Financial terms of the deal were not disclosed.
Next Steps specializes in providing individuals with chronic and treatment-resistant mental illnesses with a therapeutic home environment to receive the highest quality of residential and nursing care. Employing 42 staff and supporting 22 individuals, Next Steps currently operates across four specialist nursing homes.
Tristone Healthcare is a holding company committed to the acquisition and growth of outstanding social care companies that have proven business models and the proven ability to improve the lives of vulnerable people.
According to the LevinPro HC database, this marks the seventh inpatient behavioral health hospital acquisition of 2022. This is a slight increase over last year when there were five deals announced within the sector between January 1, 2021, and December 13, 2021.
