Minivator gives Gresham a lift
Who?
Stairlift manufacturer Minivator, based in Kingswinford.
Did what?
Has been sold to Norway’s the Handicare Group for an undisclosed sum.
What does this mean?
Gresham Private Equity disposed of its interest in Minivator after leading a management buyout at the firm in 2004, since which turnover has doubled and the team grown to 400 employees. The sale will yield Gresham a return on investment of 3.4 times. The deal is subject to regulatory approval.
Who advised?
Catalyst's Steve Currie advised Gresham on the sale process, while DLA's Mark Beardmore advised provided legal advice.
Insider comment:
Minivator's partnership with Gresham entailed expanding its operations internationally. It has established operations in North America and Germany and has recently started its own manufacturing base in the Far East. Export sales grew by 60 per cent during 2009.
Handicare has subsidiaries in Sweden, Denmark, Germany, the Netherlands, England, Belgium, Poland, USA and Canada, and distributes its own products to an additional 30 markets. In 2009, it reached sales of 2.1bn NOK.
