PROVENTUS, a Swedish alternative lender, and an investment company connected to the Moffett engineering family, has emerged as a financial backer of Silver Stream, one of the country’s largest nursing home groups.
Documents filed in the Companies Registration Office show that Moffett Investment Holdings is to advance €6.25m to a subsidiary of Silver Stream, Kildahane Property Developments, to fund the completion of a new nursing home at Saggart, Co Dublin.
The new debt will also refinance loans advanced for the construction of the 65-bed nursing home by Palmer Lending, a subsidiary of Puma Investments, a London-based backer of “tax-efficient investments”.
Moffett Investment Holdings is controlled by Robert Moffett — the largest shareholder in Combilift, a maker of forklift trucks — and his family.
Separately Proventus has agreed a comprehensive refinancing of Silver Stream’s debt facilities.
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Silver Stream is controlled by Joe Kenny and already operates six nursing homes in the Dublin area. Accounts for Rempress Holdings, the parent company of Silver Stream, showed that the company made profits of €3.8m in 2013 on a turnover of €14.2m.
Proventus has previously backed Gaelectric, a wind energy company, broadband provider Digiweb and Staycity, a provider of short-let serviced apartments.