Medical supplies company MBO show banks are open for business, says corporate finance expert
BTG Corporate Finance has advised on the management buy out of Medicina Ltd on behalf of shareholder and Managing Director Ken Harrison.
Jeff Barber, a partner at BTG Corporate Finance, advised Mr Harrison on the deal which sees him take on 100% ownership of the business after obtaining the balance of shares from the co-founder and shareholder, Mark Graham.
Based in Bolton, Medicina Ltd designs and sells medical supplies to the NHS and wholesalers. Jeff explains that the deal will allow the business to move to a new level:
“Mr Harrison is looking forward to driving the business forward under his ownership; exploiting opportunities overseas and preparing to launch a new product base.”
The Royal Bank of Scotland funded the MBO whilst Steve Jarman at Stripes Solicitors provided legal advice to Mr Harrison on the transaction.
Jeff says the deal demonstrates that bank funding is available to the right proposition:
“Much is made of the banks’ reluctance to lend to smaller businesses but this deal demonstrates that the lending is there. Medicina has a strong history of consistent profitability with a good proven management team – it is these credentials that the banks look for in order to fulfil their lending objectives.”
Jeff has 30 years experience in corporate finance, during which time he has advised on a broad range of industry sectors and transactions ranging from start ups to £100m+ MBOs.
Jeff joined BTG McInnes in 2006, bringing with him a specialist team, who now concentrate on acquisitions, disposals, MBOs/MBIs & raising development capital, predominantly in the owner managed SME sector. He has also completed in excess of 20 deals in the last few years, involving business angel investment.