DC Advisory advised iCON Infrastructure on the acquisition of Choice Care Group from Caledonia Investments

Background

• iCON Infrastructure LLP (iCON) is an independent investment group with over €2.5bn in assets under management, focusing on privately held investments in infrastructure assets in Europe and North America
• Choice Care Group (Choice) is a leading provider of residential and supported living services for people with learning disabilities and mental health conditions, in the UK

Process

• DC Advisory (DC) was mandated to provide both debt and M&A advice
• DC assisted iCON with a bilateral acquisition process governed under a memorandum of understanding providing exclusivity at the indicative offer stage
• DC provided comprehensive financial advisory services to iCON including:
  • (i) process strategy and tactics;
  • (ii) due diligence co-ordination;
  • (iii) business plan review;
  • (iv) financial modelling and valuation;
  • (v) acquisition debt raising; and
  • (vi) support in negotiations with the seller and advice on transaction documentation, including SPA and management incentive plan.
• DC ensured all workstreams were successfully completed in a challenging timeframe

Outcome

• DC leveraged its sector experience in specialist care and its leading position as an adviser to infrastructure clients in Europe to support iCON in its acquisition of Choice
• Debt financing was arranged by DC on a demanding timetable from a group of new and existing lenders