Palatine Private Equity has sold healthcare products specialist Vernacare to HIG Capital.
Vernacare was established in 1964 and manufactures healthcare products with a core focus on infection prevention.
The business has sales of more than £60 million in 64 countries and employs over 250 people across its Chorley headquarters, its manufacturing plant in Bolton and its Canadian base in Toronto.
Since Palatine invested in 2015, Vernacare has doubled its overseas turnover to more than £20 million. In 2017 the company acquired Synergy HCS, a manufacturer of wound care and surgical products.
Matt Miller, CEO of Vernacare, said: “In the last four years Vernacare has made major steps forward in terms of scale and reach. A doubling of sales and profit though international growth and strategic acquisition has strengthened the business and perfectly positions us to invest further in international markets and in buy and build. Palatine have been a great partner, providing the financial backing to support this growth and working with us in developing and implementing our strategy.”
Andy Lees, Partner at Palatine Private Equity, added: “Vernacare has made substantial progress over the last four years. Matt and the team have done a magnificent job of growing the business both organically and through acquisition. In particular, the successful integration of HCS was a game-changer, delivering significant expansion and synergies and raising the company’s profile, and we are proud to have supported this process.”
