AshdaleCare

The business

AshdaleCare is a specialist residential and therapeutic care services provider for young people with complex emotional and behavioural difficulties.

The deal

AshdaleCare was founded in 1998 by the CEO, Paula Kane, with the support of family members. The business developed over a number of years and had a reputation for best in class standard of care and a highly regarded and experienced team. Private residential care for children in Ireland was at its infancy, with demand outstripping supply and waiting lists in place. Paula saw an opportunity to scale the business further however knew she required a funding partner with experience of scaling businesses. MML Ireland’s experience of the sector, understanding of care issues and focus on putting in place structure to facilitate organic growth of the business while maintaining best-in-class care standards enabled us to build a strong relationship with Paula. MML Ireland invested for a for a majority stake, facilitating the exit of family shareholders, structuring the investment to allow management to maximise their ownership of the business and providing significant growth capital for organic expansion.

The exit

AshdaleCare expanded significantly during MML Ireland’s investment, increasing from 4 homes with capacity for 14 service users in 2017 to 13 homes with a capacity for 43 service users in 2021. In addition to the expansion of capacity, a non-exec chair with significant sector experience was appointed and a new board structure implemented. The management team was supplemented with the recruitment of a CFO and Commercial Director with industry experience and track record of scaling businesses. Further investment was made in the internal processes and controls required to grow and to ensure that a best in international class care system was implemented at all times. In August 2021, MML Ireland successfully exited the business via a secondary buyout to another Irish private equity fund.