Cairngorm acquires Millbrook Healthcare

The GP is currently investing from Cairngorm Capital II, which closed in April 2017 on its hard-cap of £107.5m. The fund typically invests in mid-market companies with operating profits of £2-20m.

The transaction is the first instalment in a buy-and-build play in the assisted living sector and comprises Millbrook subsidiaries Ultimate Healthcare Limited1 and Consolor Limited2.

Cairngorm has introduced former Cromwell Group CEO and president Mike Kerins as non-executive chairperson at Millbrook, while Cairngorm operating partner Victor Vadaneaux will take a seat on the company's board in the capacity of non-executive director.

The deal was initiated by the decision of Millbrook founder and majority owner Colin Croll to retire.

Company
Founded in 1995, Southampton-headquartered Millbrook is a manufacturer and outsourced provider of mobility-related technology and equipment, including wheelchairs. Its products are designed to assist patients in continuing to live independently at home. The business provides products on behalf of the NHS and local authorities. It operates from 29 service centres across the UK.

People
Cairngorm Capital – Victor Vadaneaux (operating partner); Amit Thaper (investment director).
Millbrook Healthcare – Phillip Campling (CEO).

Advisers
Equity – PwC (financial due diligence, tax); Gowling WLG (legal); CIL (commercial due diligence); Willis (insurance due diligence); Intechnica (IT due diligence); Vail Williams (property due diligence); Bryanston Capital (corporate finance).
Company – Oaklins Smith & Williamson (corporate finance); Grant Thornton (tax); Paris Smith (legal).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• United Kingdom
• Cairngorm Capital
• Buy-and-build
• PwC
• Grant Thornton