MBO at mobility products business Millercare
Family-owned mobility product business Millercare has been sold by the controlling Johnson family to its management in order to support ambitious expansion plans.
Nelson-headquartered Millercare was established in 1952 and has 14 showrooms across the North West England as well as a growing online presence selling a range of products including motorised wheelchairs and walking frames.
The investment by Panoramic Growth Equity through its Panoramic SME Fund 3 – its fifth deal – will support continued expansion across the North West.
The fund typically invests between £2m and £8m of debt and equity in businesses with revenues ranging from £3m to £20m.
In the financial year to the end of August 2023 Millercare made pre-tax profits of £798.249 on turnover of £11,751, 796.
Panoramic invested in Millercare alongside its current management team, managing director Nick Buchanan, finance director Phil Neal and operations director Tara Butterworth, who have each been with the company for over 20 years and overseen Millercare’s growth.
Nick Buchanan, Millercare managing director, commented: “News of the transaction has been very positively received by all our stakeholders and we are looking forward to working with David and Katie as we seek to expand the business further across North West England.”
Christian Mancier, partner at Gorvins Solicitor, who provided legal advice to the sellers alongside Gemma Lingard, said: “Millercare has built a strong reputation over 75 years of trading and we’re please to have played our part in supporting the businesses’ evolution and wish the management team ever success going forward.”
Alongside legal advice from Christian Mancier, Gemma Lingard and the team at Gorvins Solicitors, the sellers received corporate finance advice from Steven Lindsay at Xeinadin Corporate. Panoramic’s Investment was led by David Atkinson and Katie Ford.
Panoramic received legal advice from Rick Life, Wendy Catterall and the team at Harrison Drury Solicitors. Kevin Steven and Jimmy Moore of Pierce Chartered Accountants provided Financial Diligence.
David Middleton of Cole Associates Corporate Finance provided corporate finance advice to management, and they were advised on legals by Terry Moore at Myerson Solicitors.
