New heights for Graphite Capital

Graphite Capital has completed the GBP16.5 million acquisition of Summit Medical, a UK-based medical supplies company. The transaction, a management buy-in/buyout, was supported by senior debt from Bank of Scotland. The existing management team has also invested alongside Graphite Capital.

The company was sold by its founders but Peter Edwards, co-founder and previously chairman of Summit, has re-invested and will continue in his position as a non-executive director. Peter Seddon, one of the original founders, will also stay on as chairman of Summit’s management board. Frank Collins, who has experience in the medical manufacturing and hospital management sectors, has joined as the new CEO of Summit.

Founded in 1984 and based in Gloucestershire, Summit supplies orthopaedic surgery devices, such as products for mixing and delivering bone cement, wound drainage systems and products for autologous blood transfusion (the patient receives a transfusion of their own blood). The company plans to continue its growth through the launch of new products and further penetration of markets in the UK, US, continental Europe and Asia Pacific. Collins said: “Summit has a market-leading position in the UK with its existing world-class products and also has excellent prospects with new products in high growth sectors.”

Previously known as F&C Ventures, Graphite’s experience in the healthcare sector includes an investment in Clinovia, a provider of home healthcare in the UK, sold to LVL Medical Groupe in January 2001. In May of this year the investor acquired Ridgmont Care Homes, in a GBP16 million secondary buyout from Cinven.

Graphite Capital was advised in this transaction by KPMG, Marsh, PKF and SJ Berwin.