YFM makes 2.7x on sale of Mangar Health to PE-backed Winncare Group

The sale ends a holding period of four years for YFM's British Smaller Companies VCT and British Smaller Companies VCT2, both of which backed the original buyout transaction.

Mangar has increased the number of staff by almost 50% under YFM's ownership and now employs 70 people.

Winncare is a buy-and-build strategy in the medical equipment sector that consists of five European subsidiaries. The group was acquired by IDI for a €17m equity investment in 2014.

Previous funding
YFM acquired Mangar for an enterprise value of approximately £9m in 2014; debt was provided by Clydesdale and Yorkshire Bank.

Company
Mangar was founded in 1981 and is headquartered in Powys, Wales. The company designs and manufactures inflatable bathing and lifting devices. The business generated sales of £8.8m and operating profit of £566,084 in 2017, according to publicly available documents.

People
YFM Equity Partners – Ian Waterfield (partner).
Mangar Health – Simon Claridge (CEO).

Advisers
Vendor – KPMG (corporate finance); Addleshaw Goddard (legal).

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• Topics
• Exits
• Portfolio management
• UK / Ireland
• Healthcare
• United Kingdom
• Wales
• Trade sale
• Build-up