Search Results for charterhouse

Charterhouse lost half its equity in Tunstall debt refinancing–Sunday Times report (updated)

...click to enlarge Breaking News, even though it happened in March! See updates below. The Sunday Times (UK–sign up for limited access) broke news over the weekend that Charterhouse Capital Partners, the main investor in Tunstall Healthcare, along with other shareholders, have been forced to relinquish nearly half the equity in the company to senior lenders and management. According to their annual report on page 65, section 31**, this happened on 17 March after the close of the FY, but only now has come to light through the Sunday Times report. The article is light on details, but... Continue Reading

Charterhouse rejects buyout bid for Tunstall Healthcare, considers refinancing

...click to enlargeBreaking News. Some long-awaited updates on the ongoing rumors regarding Tunstall Healthcare and a potential sale surfaced on Bloomberg late yesterday. Citing ‘people familiar with the matter’, Charterhouse Capital Partners, the owner and main investor, rejected a £300 million (US$425 million) buyout offer from private equity investment firm Triton Partners and reportedly will seek refinancing as an option if a buyout offer cannot be accomplished. However, the same sources state that talks are ongoing including with Triton and other potential investors and that no decisions have been made. Triton is an investment firm registered in St... Continue Reading

Breaking news report: Charterhouse evaluating £700 m sale of Tunstall Healthcare (UPDATED)

...Breaking News click to enlarge Reuters reports as an exclusive that its sources indicate that UK private equity firm Charterhouse is considering a sale of Tunstall Healthcare Group for a possible valuation of £700 m ($1.1 bn) or more. According to this report, Charterhouse is working with JP Morgan on an exploration for a Tunstall sale in late 2015 or 2016. All three companies declined to comment. Today, Tunstall also announced their Connected Healthcare 2020 strategy with a £100 m investment over the next five years, which we reported only a few hours ago. Tunstall has gone through multiple... Continue Reading

Tunstall’s challenging year: results reported

...increasing by 30 percent over 2014, targeting new propositions in the IP and mobile segments, as well as in supporting our growing managed services business.” Undoubtedly this includes their adoption of the Tactio mobile platform in UK and EU–impressive on our visit of Tactio at mHealth Summit–and their acquisition of a US provider, Mountain Home. Yorkshire Post, Tunstall keeps investing after ‘challenging’ year Hat tip to a sharp-eyed reader! Previously in TTA, we have covered the Charterhouse reinvestment of £20 million, the request for loan covenant extension to December 2015, and how too much debt is their growing problem.... Continue Reading

Tunstall Healthcare asks lenders for covenant extension

...evident in our July report on their FY 2013 results continue, as do the perils of leveraged debt. Charterhouse Capital Partners, their owner since 2008, just invested an additional £20m in the company in addition to their original purchase price of £514 million, with £242 million of it in debt. This can be viewed as they present–“to strengthen its financial position and support the implementation of the Group’s growth strategy”–or as a lifeline (a rather short one) to keep operations going until the new management in place on both sides of the Atlantic can improve results and especially recover the... Continue Reading

Tunstall secures additional £20 million from Charterhouse: implications?

...Breaking News Tunstall Healthcare Group quietly announced on 25 September an additional investment of £20 million from its private equity owner, Charterhouse Capital Partners. Our readers know from our May and July articles the business challenges Tunstall has faced. We have particularly focused on–as have Bloomberg in May, this Editor and our Founder/EIC Emeritus Steve Hards over the years–on the heavy burden of Tunstall’s debt service, multiple management changes on both sides of the Atlantic, and a decided ‘failure to launch’ in the US market. Readers of the Sunday Times woke up to this headline and lede (what news... Continue Reading

Tunstall’s 2013 fiscal report: debt service makes short term gloomier

...measures and a fragile global economy, the business does face challenges in the short term.” And one of those challenges making for a gloomy picture is debt service. We’ll let the YP speak: “The group, which is owned by private equity house Charterhouse Capital Partners (CCP) paid £13.7m of interest in cash on its senior and mezzanine debt of £265m, as well as a total of £114.4m non-cash interest on long-dated shareholder loan notes and other loans. This results in a statutory reported loss for the group of £127.8m.” That change of nearly £350 million, which includes operating costs and... Continue Reading

Tunstall’s unhappy lenders and the consequences of debt service

...A ‘slipped under the radar’ story (in this Editor’s judgement, based on the lack of news references) is Bloomberg News’ exclusive on last week’s (12 May) meetings between Tunstall Group Ltd and its creditors over the company’s recent performance. According to Bloomberg’s sources, the meeting was called “after income plunged and management changed following a refinancing in September.” In a statement from Charterhouse that cleverly tap-danced past the reason for the meeting, “Tunstall continues to be a successful, profitable, cash-generating business and comparable to many other organizations, experiences short-term fluctuations in performance.” and “The group has been impacted by... Continue Reading

Changes at the top at Tunstall

...EXCLUSIVE A reliable and informed source has told this Editor (1 Nov) that Gil Baldwin, Group CEO of Tunstall Healthcare Group Ltd. will be stepping down, to be replaced by Paul Stobart, the former CEO of CPPGroup plc. Mr. Baldwin joined Tunstall in March 2010 from major insurer Aviva, where he headed Aviva Health. Prior to CPP, Mr. Stobart held various positions over 15 years at global enterprise software giant Sage Group, concluding as their CEO for Northern Europe. Charterhouse Capital Partners acquired Tunstall in 2008, with former owner Bridgepoint Capital retaining a minority share. However, a sale/VC exit... Continue Reading

Is this Tunstall’s ‘taxgate’? Maybe not.

...click to enlargeOn Monday, The Independent, one of the UK’s major national papers, turned its attention in a ‘Tax Special Investigation’ to nine healthcare companies which are using a corporation tax reducing scheme, the ‘Quoted Eurobond Exemption’, where they pay loan interest at high rates to their parent companies through a mechanism via the Channel Islands Stock Exchange, rather than their owners further investing by taking additional equity. (How it works–infographic from The Independent) One of the companies the article focused on was Tunstall and its owners Charterhouse and Bridgepoint. Tunstall’s profits–like the other healthcare companies profiled, Partnerships... Continue Reading