Mid-market investor Gresham Private Equity has sold its stake in stairlift manufacturer Minivator for 3.4 times its original investment. 

Mid-market investor Gresham Private Equity has sold its stake in stairlift manufacturer Minivator for 3.4 times its original investment.

West Midlands-based Minivator, which underwent a management buy-out (MBO) backed by Gresham in 2004, was acquired by European health group Handicare for an undisclosed sum.

Turnover has doubled since the MBO as the company has invested in research and development, according to Gresham, with staff numbers and export sales significantly up.

Gresham partner James Barbour-Smith led the exit for the firm, while Minivator’s managing director Mike Lord remains with the business.

The acquirer, Handicare, is owned by Herkules Private Equity and specialises in products for elderly and disabled people. Headquartered in Norway, it generated sales of NOK 2.1 billion (£225 million) last year.