Rotherham headquartered Harvest Healthcare; a leading manufacturer and supplier of high-quality healthcare equipment has changed ownership in a Management Buy-Out, led by Managing Director, Neil Davis.
The company manufactures, supplies and services active & static mattresses and cushions, profiling beds, and moving & handling equipment to care home groups, community care equipment stores, and hospitals, both direct and via a network of distributors. Harvest have long term relationships with several national blue-chip care home groups as well as serving most local authorities around the country.
Neil joined the company in February 2017, with a proven track record of growing businesses and driving out shareholder value. He has since transformed the fortunes of Harvest, delivering significant growth in turnover and profit, culminating in him being given an opportunity by the owners to put together a Management Buy-Out bid.
Neil Davis said, “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.”
Sheffield based dealmakers; Castle Square Corporate Finance provided corporate finance advice to the management team, leading negotiations on transaction value as well as deal structure, and also running the fundraising process alongside law firm, Keebles who provided legal services and advice.
Castle Square is a mid-market specialist corporate finance boutique and has a proven track record in working with management teams to agree Management Buy-Out terms with business owners and deliver the funding for the management team via the debt and equity markets.
Director Kevan Shaw and Patrick Lynch from the Castle Square Team led on the deal, running a structured process which resulted in HSBC being chosen to provide the necessary finance to complete the transaction.
Patrick Lynch said, “It is fantastic to have advised the highly experienced and successful managing director and entrepreneur Neil Davis on the transaction. During the last 21 months Neil has been supported by the wider management team, in particular Finance Director Tim Woods, who has also provided tremendous support throughout the transaction. 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”.