Minivator sale to net 3.4x for Gresham

UK mid-market firm Gresham will sell its chairlift manufacturer to Herkules Capital-backed Handicare.

Gresham Private Equity has agreed to sell Minivator Group, a company that builds and sells chairlifts for the elderly, to trade buyer Handicare Group, owned by Norwegian firm Herkules Capital.

The sale, which is subject to regulatory approval, will generate a return on investment of 3.4 times, Gresham said in a statement on Tuesday. Further financial details were not disclosed.

Handicare is headquartered in Norway but has subsidiaries throughout Europe and North America. Herkules acquired the company, which supplies technical aids and equipment for the elderly and those with disabilities, in July 2005.

This latest bolt-on acquisition for Herkules-backed Handicare follows one in June last year, when the company acquired Ligtvoet Products, a Netherlands-based manufacturer of care and rehabilitation products.

Gresham invested in Minivator, which is based in the UK’s Midlands, in 2004. The original deal was led by Birmingham-based partner Paul Franks.

Gresham recently added Mark Blower, former head of NM Rothschild’s Leeds team, to its Manchester office as an investment partner.