Metric seals twin healthcare deals

Private debt fund manager Metric, launched by former UBS and Towerbrook executive John Sinik last year, has sealed another two deals as demand for alternative sources of debt finance increases.

Metric Capital Partners has brought its sophomore year (almost) to a close with a twin financing deal, backing two subsidiaries of Dublin-based healthcare business Centric Health.

As with the firm’s previous deals, the financings were configured as credit instruments with equity participation.

Metric founder and managing partner John Sinik commented in a statement: “These transactions are consistent with our investment philosophy, given the downside protection of the non -discretionary element of these businesses coupled with the opportunity to partner with management  through our equity participation.”

Sinik and Metric principal Ilkka Rantanen will represent the firm on the companies' boards.

The first business, Áras Sláinte, provides a range of services to the Irish healthcare market through a portfolio of GP practices, urgent care clinics and occupational health clinics.

The second, Global Diagnostics, provides radiology-related services to public and private healthcare providers, including the NHS in the UK, HSE in Ireland, and the Australian public healthcare body.

Maurice Cox, chief executive of Centric Health, said: “The economic volatility in Europe, and especially Ireland, coupled with the challenges facing the banking system, makes it extremely challenging for smaller business to secure sustainable capital structures. This transaction will allow Áras Sláinte to accelerate expansion plans. MCP provided a flexible capital solution that has also allowed us to complete the acquisition of the remaining minority equity in Global Diagnostics from its founding shareholders and will accelerate our future growth plans in the international radiology sector.”

The deals are Metric’s fourth and fifth of the year, following investments in LM Funerals in April and The Vincent Hotel Group and Kedlestone, both in September.