Funds managed by equity house YFM, including two VCTs, have backed a management buy-in at domiciliary care provider Able Care.

Funds managed by equity house YFM, including two VCTs, have backed a management buy-in at domiciliary care provider Able Care.

The buy-in team is headed by MD Chris Birkett and operations director Annie Lea, along with David Johnson as executive chairman. RSM Bentley Jennison Corporate Finance acted as lead adviser on the deal, with bank funding provided by The Co-operative Bank plc.

Able Care provides home-based care to elderly and disabled people, and was established ten years ago by Irene Mayers, who is retiring following the sale. It has more than 300 care staff and is based in northwest England.

Nicola Frost, a partner in the corporate team at law firm Cobbetts, and Laura Lovell, a solicitor in the corporate team, acted for YFM.

Mark Davies, a partner in Cobbetts banking team negotiated the funding arrangements with The Co-Operative Bank.

Cobbetts was introduced to the project as it has previously acted for The North West Business Investment Scheme. Cobbetts also has other recent experience of deals in the domiciliary care sector having sold a business in the sector for Verna Group in November 2006.

Nicola Frost commented: “Cobbetts was delighted to act for the acquirer and YFM. Care in people’s homes is a growing sector and the team has exciting plans to grow the business organically and by acquisition.”

A Chadwick team led by Kevin Simmons and David Hilton conducted the financial due diligence on behalf of the management team, YFM Group and The Co-Operative Bank. Kevin Simmons commented “It was a pleasure to act on this transaction, and there was a real team effort between all the advisors, funders and acquisition team.”

YFM manages over £295 million for institutional and private clients, specialising in investments with equity up to £8 million. In the year to November, the firm invested £42.7 million in deals worth around £212 million.