LONDON – February 19, 2020 - H.I.G. Capital, a leading global alternative asset manager with over $35 billion of equity capital under management, announced today that one of its affiliates has acquired Vernacare Limited (“Vernacare”), a leading international healthcare products specialist. Terms of the transaction were not disclosed.
Established in 1964, Vernacare is an industry-leading manufacturer of infection control systems. It has pioneered disposable toileting systems globally, offering patients hygienic care and provides healthcare institutions with efficient, cost-effective and environmentally sound toileting and bathing solutions. With sales in over 60 countries, the business employs over 250 people across its UK headquarters in Chorley, its manufacturing plant in Bolton and its Canadian base in Toronto.
James Mitchell, Principal at H.I.G. Capital, commented on the transaction: “Vernacare is a growing industry leader in the manufacture of products that contain and dispose of infectious waste – critical systems in limiting the spread of healthcare-associated infections. H.I.G. is looking forward to working with Vernacare to help the company strengthen its international presence through organic growth, while also seeking M&A opportunities in the medical consumables market that complement its existing product set”.
Matt Miller, outgoing 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 through international growth and strategic acquisition has strengthened the business. This perfectly positions us to invest further in international markets and in buy and build. We are delighted to be backed in our next growth phase by H.I.G. Capital whose ambition and enthusiasm for the business is as strong as ours. We look forward to an exciting and rewarding partnership over the next few years as we invest further in our organic and buy and build growth strategy”. He continued: “As part of the process, with amicable agreement on all sides, we have a new CEO joining the business with immediate effect, named James Steele. James joins us after a successful career in healthcare products, serving markets globally, and is committed to leading the business through its next phase of profitable growth. I will continue full-time for the next six months supporting James as he transitions into the business and thereafter move to a non-exec role.”
James Steele, incoming Chief Executive of Vernacare, said ‘’ I have known and followed the Vernacare business for many years and have always felt the business has had great potential with it’s pioneering and leadership role within the disposable toileting category. Matt and the Vernacare team have done a great job in creating today’s business, and I look forward to working with the Vernacare team, our global network of partners and suppliers as we build towards the next stage of our of development with the support of H.I.G.
About H.I.G. Capital - H.I.G. is a leading global private equity and alternative assets investment firm with over $35 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specialises in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.