News: MBO at Rotherham manufacturer
Rotherham headquartered Harvest Healthcare, a leading manufacturer and supplier of high-quality healthcare equipment, has changed ownership in a Management Buy-Out (MBO) led by managing director, Neil Davis.
Based at Templeborough, Harvest Healthcare manufacture and distribute quality healthcare equipment to the NHS, care home and community markets, throughout the UK and internationally. The company manufactures, supplies and services active and static mattresses and cushions, profiling beds, and moving and handling equipment. It has long term relationships with several national blue-chip care home groups as well as serving most local authorities around the country.
The deal, for an undisclosed sum, sees Davis acquire all of the shares in the company from founders Phil and Jim Hutchinson. Both Phil and Jim have steadily reduced their involvement in the day to day running of the company over the last few years.
Sheffield based dealmakers, Castle Square Corporate Finance, provided corporate finance advice to the management team, leading negotiations on transaction value as well as deal structure, and also running the fundraising process alongside law firm, Keebles who provided legal services and advice. HSBC provided the necessary finance to complete the transaction.
Davis joined the company in February 2017 and has transformed the fortunes of Harvest, delivering significant growth in turnover and profit, culminating in him being given an opportunity by the owners to put together a MBO bid.
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Neil Davis (pictured) said: "I am proud and excited to have the opportunity to lead the long-term development of Harvest Healthcare, and am grateful to the professional team who have helped make this possible. We are determined to help more and more customers provide exceptional care to their residents and patients, whilst building fulfilling careers for our staff, and growth opportunities for our supply chain partners."
Patrick Lynch, corporate finance executive at Castle Square, said: "It is fantastic to have advised the highly experienced and successful managing director and entrepreneur Neil Davis on the transaction. During the last 21 months Neil has been supported by the wider management team, in particular finance director Tim Woods, who has also provided tremendous support throughout the transaction.
"The buy-out gives Harvest the platform build on the recent success and continue to manufacture and supply innovative high-quality equipment supplied into multiple healthcare environments."
Matt Ainsworth, corporate partner at Keebles, added: "We are delighted to have worked on this transaction. Harvest Healthcare is a great example of some of the fantastic businesses we have in South Yorkshire that local funders and deal advisory teams can support. We are confident that Neil and Tim will capitalise on the huge potential in the care sector to drive the business forward."
Following the structured debt fundraising process led by the Castle Square team, HSBC emerged as the preferred funding partner - providing the acquisition finance on the transaction alongside working capital facilities.
Chris Alsop from HSBC's corporate team in Sheffield, said: "I am very happy to back this strong management team whom I am confident will take Harvest Healthcare from strength to strength."
HSBC were advised on the legal aspects of the transaction by Irwin Mitchell and financial due diligence was provided by Sheffield's BHP team. Hollis & Co provided specialist tax due diligence.
Harvest Healthcare website
Castle Square website
Keebles website
HSBC website
Images: Harvest Healthcare / Will Armson
Based at Templeborough, Harvest Healthcare manufacture and distribute quality healthcare equipment to the NHS, care home and community markets, throughout the UK and internationally. The company manufactures, supplies and services active and static mattresses and cushions, profiling beds, and moving and handling equipment. It has long term relationships with several national blue-chip care home groups as well as serving most local authorities around the country.
The deal, for an undisclosed sum, sees Davis acquire all of the shares in the company from founders Phil and Jim Hutchinson. Both Phil and Jim have steadily reduced their involvement in the day to day running of the company over the last few years.
Sheffield based dealmakers, Castle Square Corporate Finance, provided corporate finance advice to the management team, leading negotiations on transaction value as well as deal structure, and also running the fundraising process alongside law firm, Keebles who provided legal services and advice. HSBC provided the necessary finance to complete the transaction.
Davis joined the company in February 2017 and has transformed the fortunes of Harvest, delivering significant growth in turnover and profit, culminating in him being given an opportunity by the owners to put together a MBO bid.
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Neil Davis (pictured) said: "I am proud and excited to have the opportunity to lead the long-term development of Harvest Healthcare, and am grateful to the professional team who have helped make this possible. We are determined to help more and more customers provide exceptional care to their residents and patients, whilst building fulfilling careers for our staff, and growth opportunities for our supply chain partners."
Patrick Lynch, corporate finance executive at Castle Square, said: "It is fantastic to have advised the highly experienced and successful managing director and entrepreneur Neil Davis on the transaction. During the last 21 months Neil has been supported by the wider management team, in particular finance director Tim Woods, who has also provided tremendous support throughout the transaction.
"The buy-out gives Harvest the platform build on the recent success and continue to manufacture and supply innovative high-quality equipment supplied into multiple healthcare environments."
Matt Ainsworth, corporate partner at Keebles, added: "We are delighted to have worked on this transaction. Harvest Healthcare is a great example of some of the fantastic businesses we have in South Yorkshire that local funders and deal advisory teams can support. We are confident that Neil and Tim will capitalise on the huge potential in the care sector to drive the business forward."
Following the structured debt fundraising process led by the Castle Square team, HSBC emerged as the preferred funding partner - providing the acquisition finance on the transaction alongside working capital facilities.
Chris Alsop from HSBC's corporate team in Sheffield, said: "I am very happy to back this strong management team whom I am confident will take Harvest Healthcare from strength to strength."
HSBC were advised on the legal aspects of the transaction by Irwin Mitchell and financial due diligence was provided by Sheffield's BHP team. Hollis & Co provided specialist tax due diligence.
Harvest Healthcare website
Castle Square website
Keebles website
HSBC website
Images: Harvest Healthcare / Will Armson
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