InterMed, which trades under the Penlon brand, has changed hands in a deal worth £27.5 million funded by Altaris Capital Partners.

The management team is led by chief executive Simon Armstrong, who joined the company in 2004. Armstrong says Altaris, which focuses exclusively on the healthcare industry, will take the company to the next phase of its growth.

InterMed was sold by funds managed by August Equity, which bought the company from private equity giant 3i in 2002. Under August’s ownership, InterMed has entered several new markets including the US.

The company designs and manufactures vaporisers, management systems and related products primarily used by anaesthetists. It employs 300 people across three sites and sells its products in 105 countries across Europe, the Americas, Asia and the Middle East.