MBO sees tech firm split from billion-dollar US parent
£10m-turnover healthtech firm UK Medical has broken from its US parent via a management buyout.
The Sheffield-based company was part of $10bn Becton Dickinson & Co, a medical technology group, and its managing director, Ian Aaron, led the MBO.
UK Medical specialises in the supply of medical devices to the NHS and private healthcare sector. Its products are used in minimally invasive, image guided procedures, with a focus on breast radiology, urology, interventional radiology and cardiology.
The company was founded in Sheffield and 1987, before being bought by CareFusion, a US firm, in 2012, before Carefusion itself was acquired by Becton Dickson in 2015.
UK Medical, which employs around 35 people, turned over £10.5m in its most recent accounts, to June 2015, returning pre-tax profits of just over £817,000.
MD Aaron said: “This is a great deal for both companies and we look forward to a continued and long partnership with BD.”
“We have exciting plans to grow the business and to partner with the NHS by supplying products that add value, improve patient care pathways and at the same time provide excellent value. We are very excited to be making a difference to patients and to the NHS.”
Don Gray and David Bellamy from BHP Corporate Finance acted as lead advisors to the UK Medical management team.
Don Gray, partner, commented: “We are absolutely delighted to have worked with Ian and his team to deliver this cross-border buyout from BD. Our region is highly regarded for its healthcare companies and the deal demonstrates that there is a strong appetite to support innovative, high quality management teams in this sector.”
James Bullock of Brachers, Chris Alsop of HSBC, Ian Aaron of UK Medical and Don Gray of BHP Corporate Finance
Funding for the transaction was provided by HSBC’s South Yorkshire Corporate team. Chris Alsop, relationship director, added: “This is a great business in a strong and growing sector – we are very pleased to support the management team in this buyout.”
Legal advice to the management team was provided by Brachers. James Bullock, who led the Brachers team commented: “Having worked with Ian and the UK Medical team for many years, I am personally delighted to see the successful completion of this MBO. Ian has been pivotal to the success of the business over the years and now has the platform to drive it forward and achieve great things!”
