M&A Awards 2017

Acquisition International - M&A Awards 2017 5 Best Mid-Market Healthcare M&A Team Harrison Clark Rickerbys HCR’s Health and Social Care team helps health and social care businesses get started, grow by acquisition or investment, as well as dealing with operational issues. Primarily working with private sector operators, the team are proud to count several owner managed care providers, as well as many of the UK’s leading social care operators, NHS Foundation Trusts, healthcare professionals providing primary care services, as clients. Charlotte outlines how the firm’s specialist focus and dedicated team have helped to ensure its success. “We are focused on health and social care – every single member of our team, including our commercial, employment, property and regulatory transaction support lawyers, is focused on healthcare transactions. This focus has helped us develop a sizeable foothold in the mid-market in only 3 years. Since 2013 we have acted on over 100 healthcare transactions for private sector operators. “Additionally, we are dedicated to innovation and excellence in healthcare transactions – our focus means we can get to the heart of issues quickly and develop innovative solutions to challenging legal issues, saving our clients time and budget. For instance, we’ve streamlined the due diligence process for our clients. When advising purchasers, we work collaboratively with the other professional advisers to prepare one due diligence questionnaire on behalf of all advisors to ensure our acquirer clients get the information they need to do the deal, avoiding duplication, reducing costs for all parties and closing deals swiftly.” “What truly sets us apart from the competition is the team’s entrepreneurialism; they use their healthcare market insight to develop new products and services to meet the changing needs of those involved in the transactional healthcare market”, as Charlotte is keen to highlight. “Consolidation has been rife in the UK healthcare M&A market. But, like other sectors, we have Harrison Clark Rickerbys (HCR) Health and Social Care lawyers work with businesses across the health and social care market, including Doctors, Dentists, Vets, Pharmacies, Health and Social Care providers and their advisors and funders. We invited Partner and Head of Health and Social Care, Charlotte Thornton-Smith to tell us more about the work this innovative and entrepreneurial team undertakes. “What truly sets us apart from the competition is the team’s entrepreneurialism; they use their healthcare market insight to develop new products and services..” MA170017 witnessed first-hand the difficulties some healthcare borrowers face in raising acquisition financing. Frustrated healthcare borrowers, unable to secure the funding they need then face the time-consuming exercise of sourcing funding on the alternative finance market. In response, we have developed a new combined finance finding and legal services product, Finance Generator. “For a fixed fee, HCR, in conjunction with Finance Generator works with borrowers to understand their requirements, review the traditional and alternative finance markets to identify a ‘best fit’ funding solution and then manage the credit and legal processes right through to cash in a borrower’s account. Finance Generator and HCR are currently engaged to source funding and provide legal services on several healthcare M&A transactions, including the £20 million funding of company seeking to acquire independent veterinary practices in the UK and form a new group.” Looking to the future of the health and social care market, deal volumes have been positive over the past few years. Private equity investment has been key to the UK market. But with challenging global economic conditions, not to mention any effect of Brexit in the UK, it will be interesting to see whether any of these groups will consider an IPO in the short to medium term. With the tricky economic conditions likely to continue for a while yet, Healthcare REITs (Real Estate Investment Trusts) will undoubtedly have a role to play too. Impact Healthcare REIT surprised the market with its £160m IPO earlier this year. Charlotte explores the idea that other trusts may follow suit, and what this will mean for the market. “But moving forward, where we could see a step change is in the volume and number of international investors, as they continue to take advantage of the weaker pound. The North American investment in UK healthcare assets has become well established over the past few years. We are watching and waiting to see if Chinese investment will overtake that of the US. Whichever comes out on top, it remains to be seen if international investment will have a major impact on the mid-market. “Ultimately, whatever the next year brings, at HCR we will continue to work closely with our healthcare clients to help them close their deals as efficiently as possible.” Company: Harrison Clark Rickerbys Contact: Charlotte Thornton-Smith Contact email: [email protected] Address: 5 Deansway, Worcester WR1 2JG Web address: hcrlaw.com