Growth fund backs medical devices firm Medicina
BOLTON-based medical devices firm Medicina has secured a £6m equity investment from the Business Growth Fund.
The business, founded by chief executive Ken Harrison in 1992, designs and distributes syringes, tubes and pumps which administer nutrition to patients, in hospitals and in their own homes.
BGF, launched in 2011 backed by £2.5bn from major banks, will take a minority stake in Medicina which plans to use the money to support new product development and potential acquisitions. Healthcare specialist Galvin Mould will join the firm as non-executive chairman.
Mr Harrison said: “We see a number of exciting ways to grow the business both in the UK and overseas. As part of our growth strategy, it was important to find the right long term investor to partner with. BGF demonstrated a strong interest in the business and we believe that they are the right partner for us.”
Andy Gregory, regional director for BGF’s Northern team, said: “We have now backed 10 exciting companies across a huge range of sectors – from manufacturing and retail through to healthcare and hospitality. Having invested £35m this calendar year, we have continued to expand our team as we look to meet the strong demand from ambitious, growing companies who require development capital.”
Medicina is the fifth investment made by BGF in the North during 2013. Other businesses include bathroom retailer Better Bathrooms, precision engineer VTL Group, low cost gym group Xercise4Less, and York Mailing.
The Business Growth Fund was advised by Baker Tilly and Squire Sanders, while Medicina was supported by BTG Corporate Finance and law firm Taylors.
