Clearwater International advises Palatine Private Equity on the sale of Vernacare to H.I.G. Capital
Clearwater International has advised Palatine Private Equity (Palatine) on the sale of the Vernacare Group (Vernacare), a leading international healthcare products provider, to H.I.G. Capital.
Established in 1964, North-West-based Vernacare focusses on infection-control products in the healthcare sector. The business pioneered single-use toileting systems globally, offering patients hygienic and dignified care and providing healthcare institutions with efficient, cost-effective and environmentally sound toileting solutions. With sales in excess of €72m (£60m) in 64 countries, the business employs over 250 people from its Chorley headquarters, its manufacturing plant in Bolton and its Canadian base in Toronto.
This is the second transaction Clearwater International has worked on involving Vernacare, having previously advised on the sale of the business to Palatine in 2015. Since then, Vernacare has increased its global footprint with overseas turnover almost doubling to more than €24m (£20m). In 2017, the company acquired and successfully integrated HCS, a manufacturer of wound care and surgical products, adding significant scale and expanding its product range.
The backing of H.I.G. Capital will allow the management team to accelerate the globalisation of the business and will provide further access to transformational M&A opportunities.
In addition, the Clearwater International Debt Advisory team advised management and Palatine on a refinancing of the business prior to the H.I.G. Capital transaction. The Debt Advisory team included Partner Chris Smith, Associate Director David Grassby, and Associate Director Mark Ward.