BREAKING: NRS Healthcare sold in secondary buy-out
Following a successful year of trading, with the company reporting an annual turnover of over £165million for the year ended 31st March 2018 – a 2.8 percent sales increase on the previous year – NRS Healthcare has been acquired in a secondary buy-out.
Speaking to THIIS, Graphite Capital confirmed the acquisition for an undisclosed amount, purchasing the company from H2 Equity Partners, which has owned a majority stake in the company since December 2014.
A private equity firm focused on mid-market leveraged buyout investments, the Graphite Capital Group manages around £1.2 billion for institutional investors and at the end of 2018, raised over £500million for its ninth UK mid-market fund.
Having made eight investments in the care sector and with experience in the medical devices arena, NRS Healthcare marks the private equity firm’s first acquisition of a mobility and assistive living aids provider to the community and private sector.
Headquartered in Leicestershire, the majority of NRS Healthcare’s revenue is generated from the provision of outsourced integrated community equipment services (ICES) for Local Authorities. Operating 20 depots across the UK, the company is responsible for sourcing, purchasing, delivering, installing, maintaining, collecting, decontaminating and recycling aids for daily living equipment.
In addition, the company is also a multi-channel distributor of mobility and independent living aids, both own-label and branded products, through its Product Sales division, selling to end-users, Local Authorities, healthcare professionals, and retailers.
In September 2018, NRS Healthcare acquired Lancashire-based online retailer Complete Care Networks, expanding NRS Healthcare’s access to the private market.
Speaking about the acquisition at the time, Jerry Benson, CEO of NRS Healthcare, told THIIS: “We are very pleased with the acquisition of CCN. Their product range complements ours well and their access to the consumer provides us with exciting options for the future.”
The company also provides wheelchair services under a number of contracts, covering wheelchair procurement, delivery, collection, maintenance, repair, and reconditioning.
The NRS Healthcare acquisition timeline
In 2001, the company was acquired by retail giant Findel plc
In April 2013, mid-market private equity firm LDC acquired NRS from Findel plc for £25million
In December 2014, LDC partially exited NRS after NRS secured investment from private equity firm H2 Equity Partners
In March 2019, Graphite Capital confirms secondary buy-out of NRS Healthcare
THIIS has approached NRS Healthcare and H2 Equity Partners and is awaiting comment.