Duke Street exits Baywater after four-year holding

French listed firm Bastide has wholly acquired Baywater, which will increase its portfolio of oxygen therapy patients by more than 50% to 75,000 across France and the UK.

The acquisition is subject to the approval of the NHS, which is expected to make its decision in early 2018. The current management team will continue to oversee the company's development.

Duke Street bought Baywater in a carve-out from NYSE-listed Air Products and Chemicals in a deal worth £33.19m. It was Duke Street's second deal-by-deal financing. In August 2015, it sold the Irish branch of Baywater to Air Liquide, making a multiple of 2.5x.

Company
Carved out from Air Products in 2013 and subsequently renamed, Baywater delivers oxygen therapy, sleep apnoea therapy and non-invasive ventilation therapy services to patients in the home in the UK.

It operates in three of 11 NHS regions, with its exclusivity rights due for renewal in 2019. The company has 26,000 patients, representing a market share of close to 25%, and employs 230 people.

Baywater reported revenues of around €27m in 2017 at current exchange rates and EBITDA for the year ending 30 September 2016 was approximately €7m. It is based in Crewe.

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• Topics
• Exits
• Healthcare
• UK / Ireland
• Duke Street
• Trade sale