UK’s Gresham Private Equity makes 3.4 times return on healthcare exit

Gresham is selling Minivator to Handicare Group, a healthcare company that provides solutions for disabled and elderly people’s mobility. The buyer is owned by Herkules Private Equity Fund 1, was founded in 1986 and has operations in technical aids like wheelchairs and homecare products in addition to the adaptation of cars.

Private equity firm Gresham backed the management buy-out of stairlift manufacturer Minivator in August 2004. Over the past four years employee numbers have risen by over 75 per cent to more than 400, turnover has doubled to around €55m and the company currently sells its products in over 35 countries.

The partnership with Gresham has allowed the company to expand its operations internationally. It has established operations in North America and Germany and has recently started its own manufacturing base in the Far East. Furthermore, export sales grew by 60 per cent during 2009.

Gresham did not disclose the price it paid for Minivator and no parties have divulged the size of the sale to Handicare.

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