Palatine purchases Vernacare

Palatine closed its Palatine Private Equity III fund in June on £220m after just 11 weeks on the road.

The GP has taken a majority stake in the company as part of the deal. Palatine will work with management to develop product sales and support expansion into new geographical markets.

Debt facilities to support the deal were provided by the financial sponsors and corporate transaction teams at RBS.

Company
Bolton-based Vernacare provides single-use infection control systems. The Vernacare system is made up of moulded fibre containers used for toileting, washing and bathing. The company also produces Vortex disposal units, which hygienically dispose of the containers and their contents.

Vernacare supplies 260 NHS Hospital Trusts, and also has a presence in Europe, Canada, Australia and Asia.

The company employs 200 people across the UK and the US.

People
Matt Miller is CEO of Vernacare and Paul Wright is CFO. Palatine partners Ed Fazakerly and Andy Lees led the deal for the GP, alongside James Winterbottom.

Advisers
Company – Clearwater International, Phil Burns, Ramesh Jassal, Nick Horrocks, Chiara Pettinicchio (Corporate finance); DLA Piper, Yunus Maka (Legal).
Management – Grant Thornton, Matt Brydon Smith, Gemma Hardy, Caroline Hadfield (Financial due diligence).
Equity – Baker Tilly, Colin Smyth, James Morris (Tax).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• Palatine Private Equity
• United Kingdom