Leeds-based healthcare company Steeper Group has announced a buyout from its management in a move which it hopes will drive international growth.
The deal sees two members of the existing executive board of directors, Paul Steeper, CEO and John Midgley, finance director, acquire the business from UK mid-market private equity firm, Dunedin.
Previously, Steeper has been owned by private equity firms, and by Dunedin since 2005. This particular investment and support has been vital in enabling the company to grow to its current position in the market, the firm says.
As part of the agreement, the company’s BeBionic area of the business will transfer ownership to German prosthetics company, Ottobock.
The company hopes Paul Steeper and John Midgley’s combined experience will ensure a smooth continuation of the business.
Midgley commented on the move: “For many years, Steeper has been owned by private equity firms, which has enabled the company to grow to its current position in the market. We are delighted to be moving forward on a new journey from this strong base. Both Paul and I have been long-standing members of the executive board of directors, and are confident and excited about what the future holds.”
Paul Steeper added: “We have enjoyed our time with Dunedin and greatly appreciate the support we have received. We are now looking forward to the future as we seek to further strengthen our existing positive relationships with customers, our distributors and our suppliers, and continuing to provide the best products and services to the industry”.
Nicholas Hoare from Dunedin said of the investment: “We invested in Steeper in 2005 to support its growth plans helping it to break into new markets including the US and launching new products such as the BeBionic hand. The sale to Ottobock is an excellent fit and we are confident that the business will continue to deliver on its growth ambitions.”
The company is currently in the process of relocating its existing Leeds site to a new, ‘centre of excellence’ in the area.
Image: BeBionic products, Steeper website