Leading mid-market investor LDC has backed the acquisition of NRS Healthcare, the healthcare division of listed multi-channel retailer Findel PLC (MAIN: FDL), for a gross consideration of £24 million.
NRS, which employs 500 full time equivalent staff, is a market leading outsourced provider of specialist community healthcare equipment and services to the NHS and local authorities.
The Leicestershire-based company’s products and services help people with mobility issues to be self-sufficient within the home to either delay or prevent more expensive residential or acute care, and speed up departure from such environments.
With the support of experienced private equity firm LDC the buyout will enable NRS Healthcare to drive its organic growth through product portfolio expansion and accelerate the company’s acquisition strategy. For the financial year ending 30 March 2012, NRS Healthcare recorded annual revenues of £76.8 million.
NRS Healthcare is a quality business with a well-respected management team, which we are keen support and help deliver its organic and acquisitive growth ambitions
John Garner, Head of Yorkshire and the North East, and Investment Director Dale Alderson, led the deal for LDC.
Garner commented: "The increase in residential and domiciliary care provision, which has been driven by an ageing population, the transfer of care from the public to private sector and rapid technological advancement, has supported strong growth in the community healthcare equipment industry.
Alderson added: “NRS Healthcare is a quality business with a well-respected management team, which we are keen support and help deliver its organic and acquisitive growth ambitions.”
The Acquisition Finance team at Yorkshire Bank led by Mike Selina and Ruth Cherry provided a package of senior debt, including a revolving credit facility, to support the buyout.
Catalyst advised management, whilst legal advice was provided to LDC by Pinsent Masons. The Manchester office of Rothschild (Bod Buckby) advised the vendor.
Issued on behalf of LDC by Citypress.
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