Bolton-based Medicina has become the third healthcare sector portfolio business for the Business Growth Fund (BGF) following a £6 million injection of capital.
Medicina, which designs and distributes syringes, tubes and pumps for patient nutrition, is now planning to grow further in the UK and international markets as well as pursuing acquisition opportunities.
Having been set up in 1992 by current CEO Ken Harrison, Medicina has customers including the NHS and homecare companies.
Harrison says that he and the business see a number of ‘exciting’ ways to grow in Britain and internationally.
‘As part of our growth strategy, it was important to find the right long-term investor to partner with,’ he reveals.
‘BGF demonstrated a strong interest in the business and we believe that they are the right partner for us.’
Medicina joins specialist footcare provider and retailer Shuropody and domiciliary care business Springfield Healthcare as healthcare-related investments at the BGF. The deal also represents the fifth transaction closed in the north during 2013, with £35 million spent in the region.
More on BGF deals in the north during 2013:
- Gym set up by former rugby player gets £5 million backing
- Entrepreneur of the Year Colin Stevens secures BGF investment
- VTL Group targets international growth
Following the investment, Galvin Mould will be joining Medicina as a non-executive chairman to provide senior-level experience in the healthcare sector.
Neil Inskip, investment manager at BGF, comments, ‘BGF’s capital and support will help the company take advantage of the significant opportunity to grow both domestically and overseas.
‘BGF was established to provide long-term capital to ambitious companies and Medicina meets all of the criteria we look for when selecting investments.’
The BGF was set up in 2011 and is backed by Barclays, HSBC, Lloyds, RBS and Standard Chartered to the amount of £2.5 billion.