NRS Healthcare, which holds community equipment contracts across the UK, has acquired online mobility retailer Complete Care Network (CCN) in a multi-million pound deal.
CCN is an online mobility retailer that trades as Complete Care Shop, Co-operative Mobility and Disabled Gear.com. In 2016 it surpassed more than a million online orders.
As well as selling direct to consumers via its online platforms, CCN sells via channels like Amazon and eBay, in addition to the NHS directly.
NRS, which is worth more than £160m and serves more than 10m people, was subject to a management buy-out in 2013 backed by LDC, who subsequently exited the business in 2014, retaining a minority stake, when further funding was secured from H2 Equity Partners.
The acquisition of CCN will mean NRS’s retail capabilities will be significantly increased. Its website already offers more than 3,500 living aid products which it sells direct to end-users.
Corporate finance firm, Gambit, advised CCN’s shareholders, who included a corporate shareholder and members of the ongoing management team, in negotiating the transaction.
The exact terms of the transaction were not disclosed but included a multi-million pound payment at completion together with an earn-out based on the future trading performance of the CCN business.
Simon Marsden, director at Gambit, was involved in advising on the transaction.
He said: “CCN has achieved significant growth in a competitive market and in NRS has secured a highly complementary partner with the financial backing to take the business through the next stage in its growth.”
Formerly Nottingham Rehab, NRS Healthcare achieved operating profits of more than £6m for the year ended March 31 2017.
In its last financial year, NRS successfully re-tendered for the Berkshire ICES contract and the Vale of York wheelchair service. It also tendered for the Blackburn with Darwen ICES contracts and successfully re-tendered the Northern Ireland Wheelchair service.
The company’s latest strategic report states that the directors believe there is “significant scope” to develop and grow the business based on healthcare contracts.
AMP is awaiting comment from NRS and CCN.
Image: CCN trades as Complete Care Shop, Co-operative Mobility and Disabled Gear.com