NVM divests Kirton to NorthEdge's Direct Healthcare

The deal marks the second bolt-on for Direct Healthcare – which primarily manufactures mattresses, pillows and beds for the healthcare sector – since NorthEdge acquired a majority stake in the company in April 2016. Two months after NorthEdge's investment, the business acquired Nightingale Care Beds, a provider of specialist bariatric equipment and services.

Under NVM's tenure, Kirton has undertaken an acquisitive and international growth strategy. Following the deal, NVM will retain ownership of Kirton's AJ Way brand.

Debt
Yorkshire Bank provided a debt package to support Direct Healthcare's acquisition of Kirton.

Previous funding
NVM Private Equity backed the £5.5m MBO of Kirton in July 2013.

Company
Founded in 2008 and headquartered in Haverhill, Suffolk, Kirton is a supplier of specialist seating products for the elderly and disabled. The group's core customers are local authorities, NHS Trusts, private care homes and the homecare market.

Kirton has a headcount of 190 and generates a turnover of around £21m, according to a statement.

People
NorthEdge Capital – Ray Stenton (partner, head of new business); Jon Pickering (director); George Potts (investment manager).
Direct Healthcare Group – Graham Ewart (managing director).

Advisers
Equity – Clearwater International, Tom Barnwell (debt advisory); BDO, Chris Heatlie, Matthew Molyneux (financial due diligence); Lambert Smith Hampton, Joseph Johnson (property due diligence).

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Healthcare
• United Kingdom
• NorthEdge Capital
• Trade sale
• NVM Private Equity
• Build-up