The vendor was London-based mid-market investor Graphite Capital, which generated a return of more than three times its original investment.

Since Graphite led a £17 million buy-in management buy-out (BIMBO) of Summit Medical in 2001, the business has more than doubled both its turnover and its profits through organic growth and acquisitions. Its turnover is now £16 million.

The management team, headed by chief executive Frank Collins, is reinvesting in the special-purpose vehicle established to acquire Summit.

The vendors were advised by a team from Clearwater Corporate Finance, led by partner Andy Moore and director Gareth Iley.

Moore comments: ‘The healthcare sector continues to be active with both UK and overseas private equity houses seeking to find high-quality assets, sheltered from the uncertainty of consumer markets.

‘In Riverside, we found a buyer for Summit which has the geographical coverage and relationships to support Summit’s growth strategy in international markets and in seeking further acquisitions.’