Cattaneo exits Mangar investment

Mangar Health, which designs, manufactures and supplies inflatable bathing and lifting devices to protect carers from injury and promote independence for people with limited mobility, has been sold to Winncare Group, a leading French medical device company.

With a global reach into America, Canada and Australia, Mangar Health offers a wide international distribution network and additional opportunities in healthcare markets such as emergency services.  The Company is led by CEO Simon Claridge and his team of Finance and Operations Director Craig Butcher, Commercial Director Andrew Macphail and Marketing Director Clare Birt.

In 2014 Cattaneo arranged the MBO of Mangar investing alongside YFM Equity Partners and Yorkshire Bank which we introduced as funders.  The sale to Winncare has realised a full exit for Cattaneo and for YFM, which realised a 2.7x return (22% IRR) for YFM’s funds.

Over the period since the MBO, employment has grown by almost 50% to more than 70 staff.

Simon Claridge, CEO of Mangar Health, commented:

“Mangar Health has expanded significantly since the YFM investment.  We appreciate their practical advice, strategic guidance and support in helping us fuel our continued growth over the past five years.  They have been terrific partners and played an important role in helping us achieve our success.”

Gary Hyem of Cattaneo, said:

“Mangar is a fantastic success story.  Through its innovative products and global reach it has developed a strong niche position in the healthcare products sector.  We are delighted to have been part of the journey and wish the management team great success as part of the Winncare family.”

In the original MBO Cattaneo led negotiations with the vendors, including positioning an MBO as a real alternative to a trade sale, and structuring the financial package to support the transaction. The resulting funding package comprised equity finance from YFM Equity Partners with senior debt and working capital facilities provided by Yorkshire Bank. Cattaneo also invested in the deal alongside management.

Charles Cattaneo commented:

“We are always keen to show our commitment to the transactions we work on and our alignment with our client’s objectives and there’s no better way to do that than investing our own money alongside the other funders of a deal.  Mangar is just such an example where we invested alongside management in the original MBO in 2014.