Mid-market private equity firm Gresham Private Equity has sold its investment in stairlift manufacturer Minivator Group to healthcare company Handicare Group for an undisclosed sum.
The sale of Minivator will yield Gresham a 3.4x return on its investment.
Owned by Herkules Private Equity Fund 1, Handicare was founded in 1986 and has operations in technical aids like wheelchairs and home care products. With its headquarters in Norway, the company has reached sales of NOK 2.1bn and distributes to 30 markets. It has subsidiaries in Sweden, Denmark, Germany, the Netherlands, England, Belgium, Poland, the US and Canada.
Based in the UK Midlands, Minivator manufactures stairlifts in over 35 countries. Since Gresham led a management buyout of the company in August 2004, the company’s turnover has doubled, its employee numbers have increased by 75% and it has established operations in North America and Germany and is developing a manufacturing base in the Far East.