Lift off for Minivator sale
Who?
Kingswinford stairlift company Minivator.
Did what?
Has been bought by Norway’s Handicare for an undisclosed sum.
What does this mean?
Minivator is one of the world’s leading manufacturers of stairlifts selling to more than 35 countries. In 2004, chief executive Mike Lord led a management buyout backed by Gresham Private Equity. Following the buyout the company’s workforce has grown to more than 400. Healthcare company Handicare, owned by Herkules Private Equity, produces aids including wheelchairs and homecare products, in addition to adapting cars for elderly and physically disabled people.
Who advised?
Birmingham’s Catalyst Corporate Finance advised on the sale.
Insider comment:
Steve Currie, Partner at Catalyst, said: “We protected confidentiality by marketing the business to Handicare and no other trade buyers. Furthermore, based on our knowledge of the acquirer, we were able to deliver a strategic price for the shareholders that represented a double-digit multiple on the current profitability of the business. This sales strategy meant we were able to complete the transaction successfully within three months of the completion of the strategic review and within six weeks of signing Heads of Agreement with Handicare.”
