Legal & General Ventures, the UK private equity house, has refinanced its portfolio company Craegmoor Healthcare, a UK residential care provider, to fund acquisitions ahead of an initial public offering as soon as next year.

The refinancing allows L&G Ventures to reduce interest on debt and release cash for future acquisitions. Craegmoor has made 25 acquisitions worth £80m (€90m). since it was bought by L&G Ventures in 2001 for £200m.