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The Regard Partnership, a provider of residential care and supported living services, is to develop its business after completing a refinancing.

The equity funding was provided by Mezzanine Management with Bank of Scotland Corporate providing the debt facilities in a deal that has led to private equity firm Bowmark Capital exiting the business.

The re-financing involved an investment of £18 million by Mezzanine Management, with Bank of Scotland increasing its facility to £92 million.

Joint managing directors John Farragher and John Webster decided to re-finance the company’s borrowings to fund growth and develop its care services.

Farragher said the funding was due to the expected growth in the requirement for long-term care provision for people with learning disabilities.

“We are proud of what our team has achieved to date, but see further significant opportunities in this market,” he added. “We chose to work with Mezzanine Management because they listened to and understood what we wanted to achieve, and what we would need to get there.” Bal Johal, director of Mezzanine Management, joins Regard’s board.

Regard was supported throughout the transaction by Chris Spanoudakis, founder and director of Equita Corporate Finance. The firm, which specialises in transactions within the healthcare and outsourcing sectors, project managed the fundraising process from start to finish.

Spanoudakis said this was a complex transaction involving several interested parties. “The funding structure resulting from the transaction not only satisfied the exiting shareholders aspirations, but also has put a strong funding base in the business to facilitate continued growth whether organic or via acquisition.”

Regard is a provider of registered residential care and supported living services for adults and children with complex needs. It currently manages 106 separate services providing some 680 places.

Its adult services focus on meeting the needs of people with learning disabilities, enduring mental health problems or an acquired brain injury.

It also provides specialist residential care homes for children with learning disabilities as well as a 52-week residential school service for children who experience emotional and behavioural disorders.

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