A management team has bought a medical device manufacturer for the second time after securing the backing of private equity firm Riverside.

A management team has bought a medical device manufacturer for the second time after securing the backing of private equity firm Riverside.

Summit Medical was acquired by a team led by chief executive Frank Collins for £36 million, with the buy-out team reinvesting some of their proceeds in the deal.

The company was sold by Graphite Capital seven years after it backed a £17 million buy-in management buy-out. The firm has made more than three times its original investment from the exit.

Collins said Graphite has helped Summit launch new products and move into new geographic markets. “We now look forward to working with Riverside to implement our ambitious development plans in the UK and overseas.”

Under Graphite’s ownership, Summit Medical has more than doubled its turnover to £16 million after completing bolt-on acquisitions. The disposal was managed by partner Mark Hudson.

Hudson, who was supported by Jenny Michelman, said this exit is another successful deal in the healthcare sector for the firm. “With our support, Summit completed two acquisitions and achieved strong growth from new product launches and by expanding export revenues. During the seven years of our investment, Summit’s staff numbers have almost doubled. The company is in a strong position to grow further in the years ahead with its new financial partner.”

Graphite was advised by a team from Clearwater Corporate Finance, led by partner Andy Moore and director Gareth Iley.

Moore said the healthcare sector is attractive to private equity houses due to the uncertainty in the consumer markets. “In Riverside, we found a buyer for Summit that has the geographical coverage and relationships to support the company’s growth in international markets and in seeking further acquisitions.”

Summit designs, produces and distributes medical devices and accessories primarily to the orthopaedic sector. Its products are used by private and public health services in the UK and in more than 30 overseas markets, including the US and in Europe.

Its products include bone cement mixing systems for hip and knee replacements, disposable cubicle curtains, specialist orthopaedic implants and a machine that enables patients to have their own blood reinfused after major surgery.