Thu, 21 Mar 2013 | MBO/MBI
Findel has agreed to a management buyout of its healthcare division, which will be backed by private equity firm LDC.
The retailer's healthcare division, NRS Healthcare, is an outsourced provider of community healthcare equipment and delivers its services to the NHS and the local authorities. LDC, whose parent company is the Lloyds Banking Group, is hoping to support and gain from the expansion of NRS Healthcare, which Findel has said it is not willing to invest the resources in to maintain its growth.
The MBO will go through for around £24 million and is due to be completed by 16 April, subject to shareholder approval. The buyers are hoping that the acquisition will help to drive NRS Healthcare's “organic growth through product portfolio expansion and accelerate the company's acquisition strategy”.
John Garner, director and head of Yorkshire and the North East for LDC, led the deal along with investment director Dale Alderson. Mr Alderson commented: “The increase in residential and domiciliary care provision, which has been driven by an ageing population, the transfer of care from the public to private sector and rapid technological advancement, has supported strong growth in the community healthcare equipment industry.”
NRS Healthcare recorded annual revenues of £76.8 million for the financial year ending 30 March 2012.
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