Bank of Scotland Integrated Finance (BOSIF) has backed the secondary management buyout of healthcare manufacturing business Verna Group Holdings Ltd from LGV. The value of the deal is undisclosed. BOSIF takes a minority stake in the newco. Bolton-based Verna was acquired by LGV (formerly Legal & General Ventures) in a deal reported to be worth £60m in 2005. Since LGV’s acquisition Verna has sold a series of non-core businesses and focussed on the expansion of its core infection control product base. Under LGV’s ownership, the business has also invested £1.5m in its Bolton factory to support a new automation project and opened a new office in South Africa.
Fund targets companies active in the ready-to-wear, cosmetics, jewellery, accessories, health and lifestyle sectors
This is Cinven VII's third acquisition following the purchase of LGC and Thyssenkrupp Elevator
Buyer is wholly acquiring the company for a debt-free purchase price of around €13.6m
Round follows the company's €24m series-D in November 2019, also backed by Wellington and HBM