Duke Royalty funds social care provider’s latest acquisition
Healthcare provider Tristone has secured £1.5m follow on investment from Duke Royalty to fund its latest acquisition.
Tristone provides specialist care to two groups – care leavers and severely-disabled adults – and has acquired Seaside Care Homes, a specialist care home based in Essex, providing long-term residential care to young adults who have complex healthcare needs.
The financing increases Duke’s total investment into Tristone to £12.1m.
The terms are the same as Duke’s initial investment into Tristone, including a starting yield of 13.5% and the normal +/- 6% annual adjustment factor
Seaside represents Tristone’s first acquisition supported by Duke and forms part of Tristone’s buy and build strategy.
Neil Johnson, CEO of Duke Royalty, said: “Duke is proud to support Tristone’s plans to grow a simple and care-centric community of businesses that focus, first and foremost, on delivering outstanding care and support.
“The acquisition of Seaside will represent another example of Tristone supporting existing management to unlock further value for all stakeholders and positively impact more service users’ lives.”
Seaside was founded by Amanda Owen and Sarah Crow, who were both formerly employed by the NHS as qualified nurses.