Summit Medical sold to The Riverside Company

Summit Medical logo

Clearwater Advisor

Press Release

Operation Summit Medical undergoes a cross-border procedure worth £36 million

Summit Medical Ltd is a leading supplier of single use and disposable medical devices to the global healthcare markets. It distributes orthopaedic and infection-control products that deliver clinical and economic benefits to patients and healthcare providers. Products include a full range of bone cement mixing systems for hip replacement; hygienic disposable privacy curtains; specialist orthopaedic implants; and a blood reinfused after major surgery. Sales in the UK are made through a direct sales force to private and National Health Service hospitals, while export sales are made through experienced and committed distributors in over 30 countries.

Summit, owned by private equity house Graphite Capital and the management team was sold to US and European based private equity group The Riverside Company, in a cross-border deal worth £36 million. The Riverside Company is the largest global private equity firm focused on the smaller end of the mid-market. Riverside now has 13 healthcare investments in its portfolio. Since 1988, the firm has invested in 185 transactions with a total enterprise value of $3.4 billion.

Clearwater International were appointed to advise Graphite on their exit strategy as a result of our international reach and our knowledge of buyers in the healthcare sector. Clearwater International previously advised on the sale of Pelican Healthcare to TG Eakin; the cross-border sale of Ultravox to Amplifon SpA; the MBO of Verna Group and three deals with Pharmaceutical Profiles, the most recent being a management buy-out and recapitalisation.

“Clearwater International delivered excellent, pro-active and sector-specific guidance and advice throughout the whole process. Their approach to every key stage, from early stage discussions, Information Memorandum preparation and identification of potential acquirers, right through to SPA preparation and deal negotiation was of the highest standard. Partner-led throughout, Clearwater International allocated a team of individuals who committed themselves fully to the process, and in doing so established a high level of mutual understanding and confidence with management, shareholders, other advisers and the ultimate purchaser. A great effort.”

Frank Collins, Chief Executive