Permira Debt Managers (“PDM”), one of Europe’s leading specialist debt investors, today announces that funds it advises are acting as sole lender in the refinancing of Independent Clinical Services (“ICS”). ICS provides highly skilled and specialised workforce solutions to the health, life sciences, social services and complex care sectors in the UK and overseas.
The deal continues PDM’s strategy of building strong relationships with high-quality, sector experienced sponsors and supporting market leaders. With regards to the sector, this deal is a continuation of PDM’s support for the healthcare sector that, as well as being non-cyclical demonstrates attractive underlying market dynamics.
David Hirschmann, Head of Private Credit at PDM commented:
“We are delighted to be able to support both TowerBrook and ICS in providing a flexible credit solution that fits their business ambitions. This transaction is consistent with our funds’ investment strategy, which focuses on lending to high-quality European companies. We look forward to working with the excellent teams at both TowerBrook and ICS to support the business’ long-term growth.”
Jens Bauer, Investment Director at PDM added:
“In ICS we see a company that is already a market leader with a strong financial track record, organically growing over the long-term. With demand for healthcare continuing to outstrip supply, ICS is well-placed to continue its upwards trajectory over the long-term.”
The PDM funds have now supported over 130 ambitious and fast-growing European companies with over €6.5bn of capital since PDM’s inception in 2007.