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CNA International
NEWS
HB'S HALF-BILLION
Medical recruiter acquisition takes HB portfolio to £500m revenue
Hamilton Bradshaw is expected to hit £500m revenues from its portfolio after acquiring 90 per cent of medical recruiter DRC Group.
Venture Structure Finance put up the £11.5m funding package for the BIMBO deal to assist DRC in its acquisition by James Caan’s private equity firm Hamilton Bradshaw.
The deal was led by HB managing director Tristan Ramus and Venture structured an £11.5m receivables finance package, combined with a cashflow term loan.
A Venture spokesman said: “This combination was designed to refinance an existing facility, and was completed within four weeks, helping the BIMBO deal to go ahead with no delays.”
DRC Group is the third largest supplier of locum doctors in the UK and is on the National Medical Framework Agreement. It has also recently been awarded multi-year preferential contracts to supply nurses, non-medical and non-clinical staff to the NHS and has enjoyed nine successive quarters of growth.
The deal sees Hamilton Bradshaw acquire 90 per cent of the DRC Group and includes the majority of departing founder Darren Card and finance director Riaz Dhanji's shareholdings.
With DRC Group turnover currently exceeding £50m and 2010 revenue forecasts totalling over £80m, this deal will result in Hamilton Bradshaw’s 41 company portfolio surpassing annual revenues of £500m.
James Caan, pictured, said: “I am pleased that Venture Structured Finance was able to work so quickly to provide a suitable package. The funding line will allow for both instant and ongoing financial support. We are excited and energised about the prospect of working with DRC, which has maintained an excellent reputation in the market and feel that, working closely with DRC's management team, we can help position the firm for substantial, mid-term growth.”
Venture Structure Finance put up the £11.5m funding package for the BIMBO deal to assist DRC in its acquisition by James Caan’s private equity firm Hamilton Bradshaw.
The deal was led by HB managing director Tristan Ramus and Venture structured an £11.5m receivables finance package, combined with a cashflow term loan.
A Venture spokesman said: “This combination was designed to refinance an existing facility, and was completed within four weeks, helping the BIMBO deal to go ahead with no delays.”
DRC Group is the third largest supplier of locum doctors in the UK and is on the National Medical Framework Agreement. It has also recently been awarded multi-year preferential contracts to supply nurses, non-medical and non-clinical staff to the NHS and has enjoyed nine successive quarters of growth.
The deal sees Hamilton Bradshaw acquire 90 per cent of the DRC Group and includes the majority of departing founder Darren Card and finance director Riaz Dhanji's shareholdings.
With DRC Group turnover currently exceeding £50m and 2010 revenue forecasts totalling over £80m, this deal will result in Hamilton Bradshaw’s 41 company portfolio surpassing annual revenues of £500m.
James Caan, pictured, said: “I am pleased that Venture Structured Finance was able to work so quickly to provide a suitable package. The funding line will allow for both instant and ongoing financial support. We are excited and energised about the prospect of working with DRC, which has maintained an excellent reputation in the market and feel that, working closely with DRC's management team, we can help position the firm for substantial, mid-term growth.”
