Search Results for charterhouse

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

of Tunstall’s shares. Management received 25 percent. Charterhouse with other shareholders now have a razor-thin controlling balance of 50.1 percent. Prior to this, Charterhouse alone had 61 percent of Tunstall’s shares. In return, the lenders agreed to relax covenants on their debt, termed a ‘covenant reset’. Tunstall also spent £18.5m last year on an abortive attempt to sell itself for up to £700m. We noted reports in April 2016 that they rejected a £300 million (US$425 million at the time) buyout offer from private equity investment firm Triton Partners. **For those who wish to dig deeper, Tunstall’s hard-to-find annual report... 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 Helier, Jersey... 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 hands... Continue Reading

Tunstall’s challenging year: results reported

...expenditure 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

...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 business that... Continue Reading

Tunstall secures additional £20 million from Charterhouse: implications?

use to introduce the topic and entice you to read on): Headline: £20m to steady ship at Tunstall Lede: CHARTERHOUSE Capital Partners, one of the City’s oldest and most secretive private equity firms, has been forced to provide a multimillion-pound lifeline to another of its investments. A fortnight ago, Charterhouse ploughed £20m into Tunstall, a healthcare technology company that makes equipment to monitor the elderly and sick at home. Insider Media Limited (business news review) had a more measured take in its ‘Yorkshire News’ section: Headline: BACKERS PUMP £20M INTO HEALTHCARE FIRM (under the lede) Tunstall Healthcare Group, which appointed... Continue Reading

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

...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 other expenses,... 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 a... 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 has... 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 In Care,... Continue Reading