Baywater Healthcare acquired by Bastide Group
Crewe-based Baywater Healthcare has been acquired by Bastide Group, a specialist in the sale and rental of home medical equipment in France, in a deal generating a five-fold return for investors Duke Street and Souter Investments.
Baywater delivers oxygen-therapy, sleep apnoea therapy and non-invasive ventilation therapy services to patients in the home. It is the only independent company serving the UK market, alongside three major gas group subsidiaries.
The business was acquired by Duke Street in November, 2013 as part of Air Products’ Homecare operations in the UK and Ireland.
Adam Sullivan, chief executive of Baywater, said: “The four years we have spent with Duke Street and Souter have been exciting and rewarding. I and my team are proud of the business we have built together – the strength of which has been recognised by Bastide.”
The business currently employs 230 people and provides support to 26,000 patients. The sale to Bastide Group has been approved by the National Health Service.
Independent business law firm based in Manchester Turner Parkinson’s Corporate team advised the management team of Baywater Healthcare on the deal with James Sheridan leading the team.
Sheridan said: “We worked with management in 2013 when the business was acquired from Air Products, and have looked after the business’ strategic and day to day legal needs ever since. In many ways, this is a classic Turner Parkinson deal with us advising management on the way in, supporting the business during the investment period and helping deliver a successful exit for its shareholders.”
Alex Clarkson of Bamburgh Capital and Sean Mitchell of BDO Tax also advised the management team of Baywater Healthcare.