Rockworth has advised on the sale of Cromptons Healthcare Limited, a leading supplier of healthcare textile products to the public and private sector. Their core range of products is in the patient transfer area, but they also supply a wide range of consumable and re-usable work-wear, patient garments and other miscellaneous textile products. The business operates two sites in the UK, a manufacturing facility for bespoke products in Huddersfield and a warehouse in Basingstoke where 95% of the total output is sourced in Asia and the Far-East.
Following a competitive process the company was acquired by MIP, a Private-Equity backed, Canadian-based manufacturer and distributor of high performance textile and related products to the healthcare sector. In the course of the transaction the company underwent significant restructuring relating to the freehold property and separation of the sister businesses. Transitional service agreements and a broad range of commercial agreements were also negotiated as part of the process.
The acquisition is in-line with MIP’s strategy of seeking out acquisitions to grow its presence in international markets and extend its global footprint.
Rockworth acted as Lead Advisor to the shareholders of the Cromptons Group, working closely with Martin Calhoun, major shareholder, and the rest of the senior management team. We also worked alongside corporate partner, Will Axtell, of Penningtons Manches solicitors.
“Dear Lawrence, I would like to thank you and the team for the major contribution you made in the sale of Cromptons Healthcare. It turned out to be a very complicated deal and I have to say I was staggered by the commitment and effort that was required from us all. I was impressed by both the professionalism and the support that Rockworth provided, which proved to be absolutely essential to me. I had not fully appreciated beforehand just how necessary that support would be.”
Martin Calhoun, Managing Director and majority shareholder, Cromptons Healthcare Limited