Pictured above: Andy Moore
Birmingham-based Clearwater Corporate Finance ("Clearwater") has
advised the Irish and UK listed business support services group,
DCC plc ("DCC"), on the sale of its mobility & rehabilitation
business to Patterson Medical Ltd ("Patterson"), the UK subsidiary
of US based Patterson Companies Inc. The deal represents
Clearwater's sixth cross-border transaction in as many months.
Patterson, a supplier of high quality rehabilitation and
physiotherapy products, has acquired Physio Med Services Limited
("PMS"), Ausmedic Australia Pty Limited and Metron Holdings Pty
Limited ("Ausmedic") and the business and assets of Days Healthcare
UK Limited ("Days") from DCC and certain minority shareholders in
PMS and Ausmedic, for a total consideration of £31m.
Days, which is based in Bridgend, Wales, is a supplier of
mobility and rehabilitation products for the elderly, disabled and
infirm, supplying the UK and international markets. Derbyshire
based PMS is a catalogue-based marketer and distributor of
physiotherapy supplies. Meanwhile, Australian company Ausmedic, is
a supplier of own-brand and third-party physiotherapy products in
Australasia.
Patterson, whose brands include Homecraft, Mobilis and Rolyan in
the UK, is a value-added distributor of rehabilitation,
physiotherapy, podiatry, sports medicine, living aids and
paediatric products.
Andy Moore, Partner, led the deal team for Clearwater, assisted
by Karen Edwards, Mark Day and Ramesh Jassal.
Andy Moore said: "This transaction is a good example of the
increasing volume of M&A activity with US based companies in
the healthcare sector. It allows DCC to concentrate its focus on
the remaining core of its larger healthcare businesses and its
other divisions, and it provides Patterson with an excellent
foothold in the European and Australasian markets."