Wirral medical devices firm acquired by US group
Wirral medical devices firm Parity Medical has been sold to US group TouchPoint Inc, for an undisclosed sum.
The Bromborough business was founded in 1989 and makes customised medical carts, mounting systems, tele-medicine solutions and patient entertainment systems.
It currently supplies more than 90% of NHS Trusts and its last figures show revenues of more than £12m.
Following the deal, Parity will become part of Pennsylvania-based TouchPoint’s healthcare operations.
TouchPoint already has a UK presence, which it will enhance by investing in Parity’s strong relationship with the NHS.
Brian M McNeil, chairman, president and CEO of TouchPoint Inc, said: “We are excited to add the Parity Medical’s technology, expertise and solutions to our TouchPoint Healthcare platform, as this expanded offering further enhances our ability to grow and create value for our customers.
“Parity Medical and TouchPoint Healthcare provide one another with highly complementary products, talent, services and channels to market.”
Grant Thornton UK’s North West corporate finance team, which established a relationship with Parity Medical more than three years ago, advised on the cross border sale.
Steve Wood, former director and shareholder of Parity, said: “We look forward to the future with confidence as part of the TouchPoint family.”
Pete Terry, partner and head of corporate finance for Grant Thornton in the North West, led the deal alongside associate director Chris Ryan. Mr Terry said: “Parity Medical is a fantastic North West success story which is now very well placed to continue to thrive as part of a global business with significant resources and more than 4,500 employees in 27 countries.
“Even before the pandemic, the team was seeing real growth in the healthcare sector and as spending in new treatments and at-home diagnostics increased, investor interest has accelerated.
“As the NHS continues to adapt technology and digitalise the ways in which it works, we expect a strong pipeline of activity and investment into this sector.”
The sale completes a hat trick of Liverpool City Region deals for the Grant Thornton team, which led the sales of Widnes-based Great British Communications to private equity-backed United Living in December 2021, and Skelmersdale company Lifting Gear UK to Swedish buyer Axel Johnson International, also in December 2021.
Matt Noon and Phil Wallbank of Hill Dickinson provided legal advice to the sellers.