RBS backs MBO at Medicina Ltd


RBS backs MBO at Medicina Ltd

The co-founder of medical equipment specialist Medicina Ltd has completed a buyout of the business after securing funding from The Royal Bank of Scotland ("RBS").

Ken Harrison has acquired the 50% in the business he didn't own to become the company's sole shareholder.

Founded in 1992, Medicina supplies enteral syringes and accessories such as tubes and pumps which are used to administer drugs and nutritional products into the intestinal tract. The company had developed into £10m turnover operation, which supplies its products to the majority of NHS Trusts and private healthcare providers in the UK.

Although the bulk of Medicina's sales are generated in the UK, the company continues to win business in foreign markets, particularly Australia, New Zealand and the USA. Medicina, which employs 24 staff, operates from a 43,000 sq ft base in Blackrod near Bolton.

Ken Harrison, Managing Director of Medicina, said; I'm delighted to have reached an agreement to become Medicina's majority shareholder. I am confident of future business growth, particularly in emerging foreign markets, where there is a strong demand for our products."

Andy Thomas and Mark Smith from RBS provided an undisclosed seven-figure funding package to support the deal.

Andy Thomas, Business Development Director at RBS, said: "Ken has worked extremely hard for more than 20 years to build a successful, niche business. We are delighted to provide the funding required enabling him to take full control of Medicina."

Steve Jarman from Stripes Solicitors and Jeff Barber from BTG Corporate Finance advised the management team. Patrick Keown from Hill Dickinson advised RBS. Baker Tilly provided due diligence on the transaction.

Jeff Barber from BTG Corporate Finance said: "It is encouraging to see that the Royal Bank of Scotland continue to support strong management teams and I am confident that Ken Harrison will now move Medicina on to another level. In particular exploiting a very strong product base in new overseas markets".

Steve Jarman from Stripes Solicitors, added: "Acting for Mr Harrison in such a well run company has been an absolute pleasure and a delight. We look forward to watching Medicina's future progress under his leadership.

Tagged

Latest news

RBS to help 2.5 million people each year to be more financially capable

RBS has today committed to helping 2.5 million people in the UK each year to improve their financial capability.

RBS to increase lending to sustainable energy sector following £1.1bn securitisation of loans to UK sustainable energy market

RBS has executed a £1.1bn securitisation deal with Macquarie Infrastructure Debt Investment Solutions (MIDIS), which will allow the bank to recycle capital and increase lending to the sustainable or renewable energy sectors.

RBS launches £1 billion Female Entrepreneurship Funding and announces targets to help create at least 50k new businesses by 2023

RBS has today announced a new £1 billion in funding through NatWest to support female entrepreneurs in the UK to scale and grow – the largest intervention by a UK lender focused specifically on female-led businesses.

Set Tab for lightbox