Medical firm completes reverse takeover
INDITHERM has completed its £7.2m reverse takeover of a medical device company five times its size
The Rotherham-based medical company, that has developed heating solutions which it now focuses on the medical sector, has acquired Inspiration Healthcare, which had revenues of £9.5m and adjusted EBITDA of £800,000 in the year to January 2015.
Inditherm, which was founded in 1998 and floated in 2001, has not made a profit in any full year, which it blames on its lack of scale and the overheads involved in development and being listed.
It said the acquisition of Inspiration, and the scale this brings, will enable it to spread these costs across a larger business while also “allowing the medical business to grow with fewer constraints”.
Shares in the merged company, Inspiration Healthcare Group, started trading on AIM this morning.
A host of Yorkshire advisors acted on the deal: WH Ireland (Tim Feather and Liam Gribben) and Eversheds (Alison Starr, Russell Naglis and Jonathan Pollard) advised Inditherm. Gordons (Jonathan Asquez and Rebecca Whitehouse) and Spark Advisory (Sean Wyndham-Quin) advised Inspiration.
