Blatchford sells majority stake as its eyes global expansion through organic growth and further acquisitions
Prosthetics and orthotics supplier Blatchford has accepted an offer CBPE Capital (CBPE), with the private equity firm acquiring a majority ownership position in the company for an undisclosed fee.
Based in Basingstoke and founded in 1890, Blatchford design, manufacture and distribute premium prosthetic and orthotic devices to lower-limb patients across the world, with 80 percent of its product sales taking place outside of the UK.
Additionally, the company also operates clinical service centres in the UK and Norway, providing patient feedback into the research and development process for new products.
Typically investing in mid-market UK businesses with an enterprise value up to £150m to help achieve growth ambitions, CBPE will be investing alongside fourth generation family member Stephen Blatchford – who will retain a substantial interest – and the company’s management team led by Adrian Stenson, CEO.
Non-executive director Stephen Blatchford said: “This investment from CBPE will give Blatchford the financial firepower to compete more effectively in the global P&O market and grow to become a leading player in the sector. I am looking forward to being a shareholder and director through this exciting period for our company.”
According to the CBPE, the private equity firm will support the management’s plans to bring a range of new products to market, as well as help the business to expand geographically, both organically and through acquisitions.
Adrian Stenson, CEO of Blatchford, commented: “Our industry is advancing rapidly: state-of-the-art manufacturing and world-class research and development are capital-intensive. Our partnership with CBPE will allow us to continue to invest in our business, develop our processes, enhance the customer experience and ensure we remain highly competitive and a natural choice for our customers in the global marketplace.
“CBPE has a track record of successful direct investment in the healthcare area and we look forward to working closely to continue delivering exceptional outcomes for patients and stakeholders alike.
The acquisition of Blatchford was led by CBPE director Naveen Passi and partner Ian Moore, with both Naveen and Ian joining the Board of Blatchford.
Commenting on the investment, Naveen said: ‘“Blatchford provides life-changing products and is a technology-leader in the P&O field. Stephen and Adrian have led the business through a period of substantial growth and we are delighted to be supporting the business in the next phase of its development.”
Blatchford will now look to build on its product portfolio, which includes the award-winning Endolite and Linx range of lower limb prostheses.
