BHP Corporate Finance is delighted to announce that it has acted as lead advisor on the management buyout of UK Medical Limited from Becton Dickinson & Co (“BD”), a $10billion revenue global medical technology group.
Led by Managing Director, Ian Aaron, UK Medical specialises in the supply of interventional medical devices to the NHS and the private healthcare sector. The company has a particular focus on devices used in breast radiology, urology, interventional radiology and cardiology.
A team of Don Gray and David Bellamy from BHP Corporate Finance advised the UK Medical management team on the acquisition and associated fundraising.
Don Gray, partner, commented. “We are absolutely delighted to have worked with Ian and his team to deliver this cross-border buyout from BD. Inevitably when carving-out a business from a large multinational there are a number of complexities that need to be addressed. We worked closely with Ian and his team to structure a deal that not only enabled management to buy the business but to put in place the foundations for their exciting growth plans”
David Bellamy, manager, added “the transaction demonstrates that there is a strong appetite from funders to support high quality management teams, like UK Medical’s, that are looking to acquire the businesses they run.”
Founded in Sheffield in 1987, UK Medical was originally bought by US healthcare company CareFusion in 2012. Carefusion itself was subsequently acquired by Becton Dickinson (BD) in 2015. Reflecting on the most recent change of ownership Ian Aaron commented, “I am delighted that UK Medical is once more an independent, Sheffield headquartered business. We could not have done this deal without Don Gray and David Bellamy from BHP. They deserve tremendous credit. Their excellent advice and support was unwavering throughout. I wish they could be part of my team permanently.”
The deal comes at the end of a particularly busy first quarter for BHP Corporate Finance and we look forward to bringing you announcements of more completions in the very near future.
By Don Gray
Partner, BHP Corporate Finance