The director of a healthcare equipment manufacturer has led a management buyout of the company after achieving a rise in turnover and profit in just over 18 months since joining.
Neil Davies was appointed to head up Rotherham-based Harvest Healthcare in February 2017 and now has successfully put together a bid for acquisition, which has been accepted by the owners.
Harvest Healthcare supplies local authorities and care homes across the UK with active and static mattresses and cushions, profiling beds and moving and handling equipment to care home groups, community care equipment stores, and hospitals, both direct and via a network of distributors.
Sheffield-based Castle Square Corporate Finance, led by directors Kevan Shaw and Patrick Lynch, advised the management team, leading negotiations on transaction value as well as deal structure.
It also ran the fundraising process alongside law firm Keebles, led by corporate partner Matt Ainsworth, which provided legal services and advice.
HSBC’s Sheffield-based corporate team led by Chris Alsop, provided the acquisition finance on the transaction alongside working capital facilities.
Davis said: “I am proud and excited to have the opportunity to lead the long-term development of Harvest Healthcare and I am grateful to the professional team who have helped make this possible. We are determined to help more and more customers provide exceptional care to their residents and patients, whilst building fulfilling careers for our staff, and growth opportunities for our supply chain partners.”
Patrick Lynch said: “The buy-out gives Harvest the platform to build on the recent success and continue to manufacture and supply innovative high-quality equipment supplied into multiple healthcare environments.”