MBO of Mangar International
Cattaneo LLP has arranged the management buy-out of Mangar International, a world leader in inflatable moving & handling and bathing equipment for the elderly and disabled.  Mangar’s products help people retain their independence and dignity for as long as possible as well as reducing the strain and injury risk for carers.

Based in Presteigne on the Wales/Shropshire border the company’s products include the Mangar bathing cushion, Elk emergency lifting cushion and the Camel lifting cushion.

Customers around the world include care providers such as local authorities, ambulance services and care homes while the product is also distributed through mobility retailers and direct to end-users through online sales.

Mangar reported an operating profit of £1.5m in its latest financial year and the total funding package for the new corporate vehicle was £11m.

Cattaneo LLP led negotiations with the vendors, including positioning an MBO as a real alternative to a trade sale, and structured the financial package to support the transaction.  This included running a competitive process to select equity and debt funders to finance the acquisition and to provide financial support to accelerate growth, particularly in international markets.  The resulting funding package comprised equity finance from YFM Equity Partners with senior debt and working capital facilities provided by Yorkshire Bank.  Cattaneo LLP also invested in the deal alongside management.

James Buckley, the former CEO of the Tunstall Group and Chairman of Ark Home Care, will join as non-executive Chairman. He joins the existing management team of Andrew Barker, Roger Brereton and Colin Arnold.

Commenting on the transaction, Andrew Barker of Mangar said:

“The deal is a natural evolution in Mangar’s development and brings the financial and strategic support to assist us in developing our brand further and increasing our penetration of international markets.  The Cattaneo team was instrumental in making the deal happen – they knew how to manage each situation to generate the best result for us while balancing the needs of others.”

Commenting on behalf of Cattaneo LLP, Gary Hyem said:

“Mangar has an excellent product range and the timing is right for the management team to drive the business forward into new markets and geographies.”

Charles Cattaneo added:

“We are delighted to be investing in a quality business alongside management and look forward to working with them as they develop their plans over the coming years.”