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H.I.G. Capital Acquires Vernacare
LONDON – February 19, 2020 - H.I.G. Capital, a leading global alternative asset manager with over $35 billion of equity capital under management, announced today that one of its affiliates has acquired Vernacare Limited ("Vernacare"), a leading international healthcare products specialist. Terms of the transaction were not disclosed.
Established in 1964, Vernacare is an industry-leading manufacturer of infection control systems. It has pioneered single-use toileting systems globally, offering patients hygienic care and provides healthcare institutions with efficient, cost effective and environmentally sound toileting and bathing solutions. With sales in over 60 countries, the business employs over 250 people across its UK headquarters in Chorley, its manufacturing plant in Bolton and its Canadian base in Toronto.
James Mitchell, Principal at H.I.G. Capital, commented on the transaction: "Vernacare is a growing industry leader in the manufacture of products that contain and dispose of infectious waste – critical systems in limiting the spread of healthcare associated infections. H.I.G. is looking forward to working with Vernacare to help the company strengthen its international presence through organic growth, while also seeking M&A opportunities in the medical consumables market that complement its existing product set".
Matt Miller, Chief Executive of Vernacare, said: "In the last four years, Vernacare has made major steps forward in terms of scale and reach. A doubling of sales and profit though international growth and strategic acquisition has strengthened the business and perfectly positions us to invest further in international markets and in buy and build. We are delighted to be backed in our next growth phase by H.I.G. Capital whose ambition and enthusiasm for the business is as strong as ours; we look forward to an exciting and rewarding partnership over the next few years as we invest further in our organic and buy and build growth strategy".
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over $35 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
- H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
- H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
- H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm's current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com
* Based on total capital commitments managed by H.I.G. Capital and affiliates.