07 August 2019

Carey Olsen advises Ulster Bank on Waterland's investment in Silver Stream Healthcare

Carey Olsen has advised Ulster Bank on the debt financing made available to Waterland Private Equity (Waterland) to facilitate its investment in the Silver Stream Heath Care Group (Silver Stream).

Silver Stream is one of the largest independent providers of residential care for older people in Ireland and provides person-centred long-term and respite residential and nursing care. The Waterland investment was made through an off-market primary transaction that will support ambitious plans to create the largest independent provider of residential care for older people in Ireland.

Waterland was supported by external debt financing provided by Ulster Bank. The financing package has been structured to allow for the acquisition of other high quality single care homes and small groups in Ireland.

Working alongside McCann Fitzgerald, lead legal advisers to Ulster Bank in Ireland, the Carey Olsen team in Jersey was led by partner Kate Andrews who was assisted by counsel Michael Evans and associates Nick Ghazi and Stephen Le Cornu.

Kate said: "Carey Olsen is delighted to have supported Ulster Bank on this important transaction, and we look forward to working with the company  again in the future."