Millbrook Healthcare has been acquired by private investor Cairngorm Capital after the assistive technology services provider’s founder and owner announced his retirement.
The company and its subsidiaries Ultimate Healthcare and Consolor were bought for an undisclosed amount in a move which its management hope will accelerate its growth in the assisted living market.
Millbrook provides wheelchair, community equipment, telecare and home improvement services to local authorities and NHS trusts around the UK.
Based in Southampton, Millbrook has 29 service centres across the UK and achieved revenues of £115m, according to its most recent accounts.
Millbrook’s new owners said they plan to increase Millbrook’s market share, extend the company’s range of services and broaden customers’ experience.
Recently the firm has been moving into markets like stairlifts as part of its plan to offer a fully integrated service to commissioners. The new investment will help it to enter all the markets necessary for its plan.
The investment marks Cairngorm Capital’s first venture in the assisted living market and has appointed Mike Kerins to lead Millbrook’s board as non-executive chairman.
Mr Kerins is the former CEO and President of the Cromwell Group, a major industrial distribution firm. He is supported by Victor Vadaneaux, a Cairngorm Capital operating partner, who joins as a non-executive director to help the management team drive operational improvements.
Millbrook’s founder and former majority owner, Colin Croll, decided to retire from the business and felt it was an “appropriate time” for a takeover.
Phillip Campling, Millbrook’s chief executive, said: “Millbrook is at a really exciting point in its development and is ready to capitalise on numerous growth opportunities.
“We have ambitious goals to fulfil but Millbrook has world-class foundations, with strong investor support, first-rate employees and a well-deserved reputation for delivering high quality and responsive services.”
The transaction was led by Amit Thaper, investment director at Cairngorm Capital.
Dr Thaper, who earlier in his career practised as an orthopaedic surgeon with the NHS, said: “Our firm is very conscious of the need to support the evolving needs of an ageing population and to reduce the pressure on acute services – it has long been an objective of ours to support companies delivering the solutions to do so.
“Millbrook is an excellent example of the type of company that we like to partner with. It is well established in the healthcare industry, has a differentiated offering and is run by an excellent management team.”
CLICK HERE to read our interview with Phillip Campling, chief executive of Millbrook Healthcare.