Clearwater Corporate Finance 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, Ausmedic Australia Pty Limited and Metron Holdings Pty Limited (“Ausmedic”) and the business and assets of Days Healthcare UK Limited 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.”