Our Corporate Finance team has advised the management team and Newco on the management buyout of Westfield Medical backed by Maven Capital Partners.
The team acted as lead advisers and debt advisers to the management team and Newco, introducing Maven Capital Partners, and structuring and project managing the deal through to a successful completion. A total funding package of £12m was raised to support the MBO.
Based near Bath, Westfield Medical is a leading provider of sterilisation barrier products to the healthcare and industrial sectors. The customer base includes NHS trusts and private hospitals, as well as the supply of products for use by medical device manufacturers. It is now one of the leading suppliers into the European market and is also widely diversified internationally; with markets in the Middle East, Asia, Africa and the Americas accounting for almost half its annual revenues.
Westfield is a well-invested manufacturing platform. This follows the completion in late 2015 of a transformational £1.2 million reorganisation and capex investment project, which increased production capacity significantly, provided new warehouse facilities and upgraded much of the plant and machinery.
The MBO team, led by MD Patrick Sparkes, are very excited by the opportunity to drive top-line growth and leverage the new facilities. Maven’s investment will allow the business to increase production and significantly expand its international market footprint, and provide Maven investors with the opportunity for attractive returns from a niche business operating in a sector with positive M&A activity. Legal advisers to management were Pitmans, led by Sean Kelly.
“The team worked tirelessly to support the management team and maintain momentum throughout the MBO process. The team were quick to build an understanding of our business and applied great attention to detail in all aspects of the transaction. They were instrumental in our negotiations and structuring the deal. Key to this was The team’s deep knowledge of the private equity markets and their ability to introduce us to a number of potential investors, ultimately selecting Maven, who share our enthusiasm and who will add value to the business. We have also been impressed with The team’s knowledge of the debt markets which was a critical factor in bringing the deal to a successful conclusion. We would not hesitate to recommend them to any management team considering a buy-out.” Patrick Sparkes, Managing Director, Westfield Medical.
“We are excited to be backing this ambitious management team. Westfield is a successful, long established business with a market leading reputation for high quality products and excellent customer service, operating in a market that offers significant growth opportunities both in the UK and overseas. The business is well placed to drive further growth following significant investment in recent years, and we look forward to working closely with Patrick Sparkes and the senior team to achieve their growth plan.” Andrew Ferguson, Partner at Maven.
Capital Raising, Debt Advisory, Management buyouts
The team worked tirelessly to support the management team and maintain momentum throughout the MBO process.Patrick Sparkes Managing Director of Westfield Medical