Thu, 05 Dec 2013 | MBO/MBI
The homecare aspect of Air Products has been acquired in a management buy-out deal.
The division has its head office in Crewe, Cheshire, and offers oxygen therapy, sleep apnoea therapy, ventilation and telehealth services to patients in their homes. It has several private and public healthcare contracts, including the NHS in the UK and the HSE in Ireland.
The business, rebranded Baywater Healthcare, will now be lead by chief executive Adam Sullivan and the existing management team. Duke Street, who has also acquired a majority holding in the company, backed the MBO.
The MBO was transacted for an undisclosed sum. Baywater has 248 staff, with 72 of these based in Crewe.
Duke Street partner Charlie Troup and investment director Ben Long managed the deal. Mr Troup commented: “This transaction presents an exciting opportunity to acquire a high-quality but non-core healthcare business from a global industrial group.”
A multi-national business, Air Products is listed on the New York Stock Exchange and has 20,000 workers in 50 countries with yearly sales of over $10 billion. The corporation is focused on services involving various gases – including carbon dioxide, argon, propane and oxygen - and serves numerous markets including food and beverages, glass, and rubber and plastics.
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