Verna Group, the UK-based healthcare giant, has been put up for sale by private equity owner Legal and General Ventures. LGV bought the firm for £60m in 2005, and is expecting to sell to a rival venture capital company. The Bank of Scotland?s integrated finance arm, Phoenix, Gresham and LDC are all thought to be interested in the business, which is expected to fetch between £50m to £100m.
Trade buyers are also thought to be possible candidates to buy the company, which recently set up a base in Johannesburg.
LGV has disposed of several arms of the Verna Group since acquiring it over two years ago, in order to focus on healthcare items manufacturer Vernacare, and Care Shop, the specialist in mobility and healthcare products for care homes. The group is currently a top 30 supplier to the NHS and exports to 43 countries.
The Verna Group is headquartered in Bolton, where it has a staff of 380, with a further 1,200 across the UK. LGV has confirmed that it will shed 50 jobs in Bolton as part of an operations review, as the inspection and packing of bedpans is becoming increasingly mechanised. However, they are hoping to avoid compulsory redundancies as 40 employees have already volunteered for redundancy or early retirement.
Chief Executive Karen Haslam has said the outlook as good, as ?The Group?s success has been noticed by the business community and interest in acquiring the group has reached the point where we have an obligation to explore all available options.
?There is nothing really to say at this time, except to reassure our employees that the best interests of the business, and taking Verna Group forward, are at the forefront of any discussions. The group is in good shape, with a focused management team and a strong platform for the future.?
