THE DEAL:

The sale of private equity funded 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, 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.

OUR ROLE:

In 2014 we arranged and invested in the MBO of Mangar alongside management and YFM. We advised on the deal leading negotiations with the vendors, including positioning an MBO as an alternative to a trade sale, and structuring 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 sale to Winncare has realised a full exit for Cattaneo and for YFM, which realised a 2.7x return (22% IRR) for its funds.

 WHAT WE SAID:

“We are always keen to show our commitment to the transactions we work on by aligning ourselves 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. Mangar has been 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 Group.”