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RJD completes third exit from second fund with sale of Raphael Healthcare

9 Feb 2012

UK lower mid-market firm RJD Partners has realised its investment in Raphael Healthcare, a provider of mental health services for women, through a refinancing funded by new debt facilities provided by the Bank of Ireland, alongside funds from the management team and the company’s cash reserves.

RJD received proceeds of £9.1m from the deal, delivering a return to RJD of 1.5 times its original investment. The firm has also re-invested part of its return in a mezzanine loan note investment, it said.

Raphael is the third realisation from RJD’s second fund, RJD Private Equity Fund II, which closed in July 2007. The first two realisations were Teaching Personnel and TransLinc.

RJD invested £6.1m of development capital in Raphael back in July 2008. The company was established in 2004 by chief executive Arthur Robinson, a former psychiatric and general nurse and onetime NHS Trust director of mental health, and chairman John Lamb, a healthcare entrepreneur. The company opened its first 30 bed hospital, The Farndon Unit, in Newark, Nottinghamshire in 2006. Following RJD’s investment, The Farndon Unit was developed to 46 beds, and includes a rehabilitation ward and low security accommodation. Raphael is now a preferred supplier to Primary Care Trusts in the East Midlands, West Midlands, Barnsley and Somerset.

The company has recently gained planning approval to develop a 24 bed eating eating disorder unit at its Briars Hey site in Rainhill, UK.

Existing Fund II investments from RJD include fund administrator Ipes, UK caravanning company Verdant Leisure and electronic manufacturing services provider Chemigraphic.

Earlier this year the firm also exited its investment in European Boating Holidays, the largest independent operator of European inland waterway boating getaways, in a management buy-in led by a French investor syndicate.

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