Harvest Healthcare acquired by its managing director
Healthcare equipment supplier Harvest Healthcare, based in Rotherham, Yorkshire, has undergone a management buyout (MBO) led by the company’s managing director Neil Davis, who now owns all of the shares in the company.
Neil joined the company in February 2017 and, during that time, increased Harvest’s growth, annual turnover and profit, which led to him putting together an MBO bid for the company.
The managing director acquired all of the shares in Harvest Healthcare from Founders Phil and Jim Hutchinson. The deal was made for an undisclosed sum.
According to Rotherham Business, Phil and Jim had been decreasing their involvement in the daily running of Harvest Healthcare over the last few years.
Neil commented: “I am proud and excited to have the opportunity to lead the long-term development of Harvest Healthcare, and am grateful to the professional team who have helped make this possible.
“We are determined to help more and more customers provide exceptional care to their residents and patients, whilst building fulfilling careers for our staff, and growth opportunities for our supply chain partners.”
Castle Square Corporate Finance provided corporate finance advice to the management team while law firm Keebles provided legal services and advice. HSBC provided the necessary finance to complete the transaction.
Patrick Lynch, Corporate Finance Executive at Castle Square, said: “The buy-out gives Harvest the platform build on the recent success and continue to manufacture and supply innovative high-quality equipment supplied into multiple healthcare environments.”
Harvest Healthcare is a manufacturer and distributor of healthcare equipment to the NHS, care home and community markets, both across the UK and internationally. Its product range includes active and static mattresses and cushions, profiling beds, as well as moving and handling equipment.