Parklands Group, one of the largest independent care home providers in the north of Scotland, has received a £5m investment from BGF, the UK’s most active investor in growing businesses, to further accelerate its growth.
Set up in 1993 in Buckie by Ron Taylor, Parklands provides residential care for older people at eight care homes across Moray and the Highlands, the most recent being its newly opened state-of-the-art Lynemore home in Grantown on Spey.
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The investment marks BGF’s first investment in the Highlands and Moray, having invested more than £200m across 27 businesses in Scotland since 2011. The growth capital from BGF will be used to support the building of a £4m 40-bed care home in Fortrose and a £6.5m care hub in Inverness, comprising a 48-bed care home and 16 assisted living suites. Through its Talent Network, BGF introduced Maurice McBride who will join the board as non-executive chairman. McBride is an experienced non-executive director who will bring expertise, guidance and knowledge to support the growth.
Ron Taylor, managing director of Parklands, said: “This investment by BGF, one of the world’s leading growth investors, is a major vote of confidence in Parklands. It will help fund our next stage of expansion and enhance the quality of care provision in the Highlands.
“By 2020, we will have invested around £16 million on new and expanded care homes, facilities that are much needed in the Highlands. Our investment will create hundreds of new jobs in the region and deliver a significant boost to the wider economy. It will also ensure that older people can continue to live in their local community, keeping families closer together.
“My team and I will continue to lead the company with the support and financial backing of the BGF team. Their expertise and Maurice’s experience will be invaluable as the company expands in the coming years. Fortrose and Inverness are our immediate priorities but this investment unlocks other opportunities to improve residential care in the region. This is an exciting time for the company as we mark our 25th anniversary and look forward to further growth and investment.”
Keith Barclay, an investor at BGF covering the Highlands and Islands, said: “We’re really pleased to have made our first investment in a business based in the Highlands and Moray. It is a really important part of the country for BGF as there are some great businesses here and we hope it will be the first of many. We are backing a well-established and successful business which has developed a leading position in the market. Parklands has a strong management team, a great culture and impressive growth plans. We look forward to helping them take advantage of opportunities in the region, whilst remaining focused on providing the highest standards of care for their residents.”
The investment in Parklands was led by Keith Barclay, David Fraser and Mike Sibson who are based in BGF’s Aberdeen office.
The advisors to the transaction were:
For BGF: Burness Paull LLP and Hall Morrice Corporate Finance
For Parklands Group: Brodies LLP
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