Baywater Healthcare flies solo after Air Products sale
A NICHE division of a multi-national corporation is striking out alone after a private equity-backed deal.
Previously known as the homecare operations of Air Products, the Crewe-based company has rebranded as Baywater Healthcare after the deal led by Duke Street.
Financial terms of the deal were not disclosed. Baywater has 248 staff of which 72 are based in Crewe.
It delivers oxygen-therapy, sleep apnoeatherapy, ventilation and telehealth services to patients in their homes. It has a number of private and public healthcare contracts, including the NHS in the UK and the HSE in Ireland
Established more that 70 years ago, Air Products is listed on the New York Stock Exchange and has 20,000 employees in 50 countries and annual revenues of more than $10bn.
The acquisition was originated and executed for Duke Street by partner Charlie Troup and investment director Ben Long, working with Baywater’s chief executive Adam Sullivan.
Mr Troup said: “This transaction presents an exciting opportunity to acquire a high-quality but non-core healthcare business from a global industrial group.”
A Manchester-based team at Altium provided corporate finance advice to management, led by managing director Simon Lord and assistant director Chris Hopwood.
James Sheridan and David Hayes of Manchester law firm Turner Parkinson were legal advisers to management and John Loebl and Sean Mitchell of Grant Thornton provided tax advice.
