Fluid provides IT and Operational due diligence to Palatine on their investment into Routes Healthcare

Strategic digital transformation partner to Palatine Private Equity, Fluid focuses on how technology can deliver value and enable business growth.

The IT and Operational Due Diligence saw Fluid produce a digital roadmap of workstreams outlining technology and systems improvements with an estimated scale of potential benefits, time and costs.

Fluid Director Gareth Murphy said:

“We love working with Palatine because of our shared vision for what digital transformation can deliver in terms of value creation across their portfolio. Routes Healthcare has a dynamic and visionary leader in CEO Jackie Lindsay and a dedicated senior management team. They’d already identified that digital transformation was a key strategic driver for growth. We helped them understand their technology options and build a prioritised plan.”

Routes Healthcare is one of the leading providers of specialist person-centred health and home care services in the north of England. The business employs 1000 care workers and 120 operational and management staff, with 12 service centres supported by a centralised infrastructure.

Jackie Lindsay, CEO at Routes Healthcare, said: 

Its been an absolute pleasure working with Fluid on this technology diligence review, the Fluid team have been brilliant and we felt they really listened to us and worked with us to develop a roadmap that addresses what this business really needs”.

The business offers complex care packages for people with long-term health conditions and clinically led enhanced homecare packages and end of life care, enabling people to remain at home. The senior management team is committed to supporting and retaining its workforce with programmes of recruitment, training and development. 

Tom Wildig, Investment Director at Palatine, said:

“We have been hugely impressed with what Jackie and the team at Routes have achieved over the last two years and are excited to work with them to deliver their plan. The vastly experienced team, robust centralised processes, governance and infrastructure render it ideally suited to organic expansion through opening new sites as well as selected M&A. 

As NHS and local authority procurement of community and home-based services evolves, with the transition to integrated care systems, Routes’ ability to rapidly deliver flexible, scalable packages across the acuity spectrum makes it well-placed to continue on its rapid growth trajectory.

As the leader in mid-market ESG investing, the business’ focus on the wellbeing and professional development of its workforce was also a major draw for us. The Covid-19 pandemic has highlighted both the vital role care workers play, and the lack of recognition much of their work receives. Routes’ investment in its people is not only the right thing to do, it secures a competitive advantage for the business by retaining a skilled, loyal workforce.”

Jackie Lindsay, CEO at Routes Healthcare, added: 

“Both myself and the management team are delighted to have the opportunity to work closely with Palatine to realise the next stages of our development plan.

Palatine felt like a perfect fit for Routes from the very first meeting. We were immediately talking the same language; with our joint commitment to and understanding of the healthcare sector and passion for ESG. To find an investment partner with such naturally aligned values is fantastic.

High-quality person-centric healthcare, enabling people to live the lives they want in the place they choose to be, is core to Routes values. This fresh partnership with Palatine will allow us to take the next steps along the route to delivering this vision."

Palatine was also advised by Clearwater (corporate finance), Grant Thornton (debt advisory), KPMG (financial due diligence), and Gately (legal). Shawbrook provided debt finance to support the transaction. Connell Consulting provided vendor commercial due diligence and sell-side advice was provided by Grant Thornton (corporate finance) and Ward Hadaway (legal). Routes’ management team was advised by Park Place Corporate Finance.

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