Maven behind £12m MBO at Westfield
MANCHESTER-based Maven Capital Partners, one of the UK’s most active private equity houses, has led the management buyout of Westfield Medical which operates in Somerset, with a £12m funding package.
Westfield is a provider of sterilization barrier products to the healthcare and industrial sectors.
Maven is a syndicate of institutional, family office and high net worth investors, which will help support the forecast growth of Westfield.
The MBO team was led by managing director Patrick Sparkes.
Maven’s investment will allow the business to increase production and significantly expand its international market footprint.
Maven partner Andrew Ferguson said: “We are excited to be backing this ambitious management team.
“Westfield is a successful, long established business with a market leading reputation for high quality products and excellent customer service, operating in a market that offers significant growth opportunities both in the UK and overseas.
Sparkes said: “We’re really looking forward to working with the Maven team.”
Spectrum Corporate Finance provided buy-side lead advisory and banking advice.
Financial due diligence was conducted by RSM, commercial due diligence was performed by CIL, and insurance due diligent by JLT.
Senior debt and working capital facilities have been provided By PNC.
Legal advice to Maven was provided by Gateley, management by Puitmans, and PNC by Squire Patton Boggs. The vendors were advised by Clearwater International and Bird and Bird.
