Minivator

Deal Summary

Catalyst advised the management of Minivator on their £15 million management buy-out funded by Gresham Private Equity.

Based in the Midlands, Minivator manufactures, installs and services a range of assisted living products, including stairlifts and bathlifters, for the less able and disabled population in the UK and overseas.

The Minivator stairlift product line had originally been acquired from Sunrise Medical Inc., a major US supplier of mobility products, in December 2000 by a management team led by Barrie Payne and Mike Lord backed by Midven. The management buy-out provided an exit for Barrie Payne and Midven and enabled Mike Lord to put in place a business plan and management equity structure to drive the next stage of growth.

What difference did we make?

Having built a relationship with the shareholders of Minivator, we were appointed to facilitate a management buy-out when it became clear that some shareholders wanted to realise their investment in the business whereas others wanted to continue in the business. Our greatest challenge was therefore to develop a deal structure that satisfied the objectives of all the shareholders.

Due to our relationship with both the exiting and ongoing shareholders, we were able to devise an innovative deal structure that was acceptable to all shareholders. We were then able to present the business plan to a limited number of private equity firms and banks in order to quickly deliver a transaction whilst minimising the disruption to the business.