The way Orpea tells it, days before signing a €167 million deal to buy the TLC chain of north Dublin nursing homes from K Club owner Michael Fetherston, it got a bad surprise. An unsolicited revised budget for the group of companies dropped unannounced in the data room they had been using for due diligence on the sale, codenamed Project Waterfall. It was early December 2019 and the projected financial performance for TLC in the coming year had deteriorated badly. Operating income, or EBITDA, for the five nursing homes was being pitched by the vendor at €10.9 million, down 25 per…

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