Maven backs £12m MBO of Westfield Medical

Upon completion of the transaction, Westfield will invest in its production facilities and look to expand its international sales.

The deal marks just the third transaction of the year for Maven. The GP supported the £11m MBO of EE Smith Contracts in February and the following month exited Dantec Hose to German trade buyer Elaflex-Gummi Ehlers – a sale that saw it reap a 2.1x return.

PNC provided a senior debt package in addition to working capital facilities to support the transaction.

Company
Founded in the 1970s and headquartered in Radstock, near Bath, Westfield produces sterilisation products for use in both the industrial and healthcare sectors. Its clients include the UK National Health Service, private hospitals and companies involved in the production of medical devices. Around half its revenues are generated from international sales.

People
Maven – Andrew Ferguson (partner).
Westfield Medical – Patrick Sparkes (managing director).

Advisers
Equity – Spectrum Corporate Finance (corporate finance); RSM (financial due diligence); CIL (commercial due diligence); JLY (insurance due diligence); Gateley (legal).
Vendor – Clearwater International (corporate finance); Bird & Bird (legal).
Debt – Squire Patton Boggs (legal).
Management – Pitmans (legal).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• Small-cap buyout
• United Kingdom
• Maven Capital Partners