Palatine sells Vernacare to H.I.G Capital
Palatine Private Equity has completed the exit of Vernacare Limited, the North-West based healthcare products specialist.
Established in 1964, Vernacare is a leading international healthcare products manufacturer, with infection-prevention as its core focus. It has pioneered single-use toileting systems globally, offering patients hygienic and dignified care and provides healthcare institutions with efficient, cost effective and environmentally sound toileting and bathing solutions. The company continually innovates and develops its product range in the areas of Hygiene Solutions and Surgical Solutions. With sales in excess of £60m in 64 countries, the business employs over 250 people from its Chorley headquarters, its manufacturing plant in Bolton and its Canadian base in Toronto.
Since Palatine invested in 2015, Vernacare has increased its global footprint with overseas turnover almost doubling to more than £20m. In 2017, the company acquired and successfully integrated Synergy HCS, a manufacturer of wound care and surgical products, adding significant scale and expanding its product range.
The existing management team will be joined by James Steele who has a successful private equity background in the healthcare sector having been CEO of Attends Healthcare for twelve years.
Matt Miller, Chief Executive of Vernacare, said: “In the last four years Vernacare has made major steps forward in terms of scale and reach. A doubling of sales and profit though international growth and strategic acquisition has strengthened the business and perfectly positions us to invest further in international markets and in buy and build. Palatine have been a great partner, providing the financial backing to support this growth and working with us in developing and implementing our strategy. We thank them and wish them well.
We are delighted to be backed in our next growth phase by H.I.G. Capital. In working with the team on the deal it has become clear their ambition and enthusiasm for the business is as strong as ours and we look forward to an exciting and rewarding partnership over the next few years as we invest further in our buy and build and organic growth strategy”.