Vernacare acquires Synergy Health Healthcare Consumable Solutions
Vernacare has acquired Synergy Health Healthcare Consumable Solutions (“HCS”) from STERIS plc for an undisclosed sum.
The two businesses will come together under the Vernacare brand.
Vernacare is the UK’s market-leading provider of single-use infection prevention systems to the healthcare sector, and employs 180 staff across the UK and overseas. Its products are sold to more than 50 countries and used by over 94% of NHS Trusts.
This acquisition follows financial backing from Palatine Private Equity in October 2015 to accelerate the development of the company’s global footprint, as well as supporting future acquisitions.
HCS manufactures products for wound care and surgery, as well as hygiene wipes under the market leading brands of Conti and AZO. The company employs around 100 staff at its Chorley production facility and headquarters, and its Preston warehouse.
Matt Miller, CEO of Vernacare, said: "This acquisition will significantly increase the size of our business, and demonstrates the commitment of our investors, Palatine Private Equity, to the continued growth of Vernacare. In particular, there is huge potential for further overseas growth, where we can expand Vernacare's strong market presence by introducing new products. It will also give us the opportunity to work more closely and broadly within the NHS and UK independent healthcare markets, enhancing our market position.
"Operations and activities continue as normal across the existing Bolton, Chorley and Walton Summit facilities. We look forward to working together productively and collaboratively during this exciting period of opportunity and growth."
A spokesperson from STERIS commented “Both STERIS and Vernacare believe that Vernacare can better grow HCS product sales through its broad distribution network and complementary product offering.”
Andy Lees, Partner at Palatine Private Equity, said: “This acquisition is a strategic move for Vernacare and provides the business with a number of expansion opportunities. The addition of HCS allows Vernacare to broaden its product range and branch out into new areas of the healthcare industry to support further growth. The company already has a large presence in the global market, and this new offering will only boost its exporting opportunities.”
A Deloitte team led by Jodi Birkett and Paul Maddison provided financial due diligence on HCS and the enlarged group. Sean Beech and Avril Edney provided tax structuring advice and debt advisory services were provided by Nigel Birkett and Dave Grassby.
Yunus Maka and Lee Brierley of DLA Piper provided legal advice to Vernacare.