Healthcare and life sciences
In an industry that is constantly evolving to meet the changing healthcare landscape, we bring our expertise of working with UK-based and global organisations. We understand our clients’ needs across the interconnected healthcare and life sciences community and our specialist industry team provides assurance, tax and consulting services to a wide range of healthcare and life sciences organisations.
Healthcare and life sciences and deal service
Over the past three years, we have completed 49 deals, including 15 deals involving PE. Explore some of our highlights below.
CASE STUDIES
Kenward Orthopaedic
RSM's M&A team has advised Yorkshire-based Kenward Orthopaedic on its sale to Ability Matters Group.
Established in 1993, Kenward Orthopaedic is a renowned orthopaedic footwear company in Leeds, with particular focus on manufacturing products for NHS patients. The company also has expertise in designing and manufacturing stock, modular and bespoke footwear, and has invested significantly in the latest technology and production methods.
Ability Matters Group is a market leading international healthcare products and services provider, specialising in mobility and accessibility including orthotics, prosthetics and wheelchairs. Headquartered in Oxfordshire, the group has clinics throughout the UK and Ireland and manufacturing sites across the UK and the Netherlands, including Sheffield and Bradford. The group operates internationally, with distributors based in Europe and beyond.
Kenward Orthopaedic will become part of Ability Matters Group to support its vision to become a European leader in innovation, manufacturing and supplier of prosthetic and orthotic products. Simon Kenward, managing director of Kenward Orthopaedic, will remain in his current role to lead business operations with the existing team in Leeds.
We are excited to join the Ability Matters family of companies. Their vision is to become a European leader in innovation, manufacturing, and the supply of prosthetic and orthotic devices, as well as clinical services fits in with the Kenward mission. I will continue to lead Kenward's operations alongside the existing team in Leeds, ensuring our customers will continue to receive the exceptional service they have come to expect.
Simon Kenward, Managing Director
Kenward Orthopaedic
Talley Group
RSM’s M&A team has successfully advised the shareholders of Talley Group Limited (‘Talley’) on its sale to Direct Healthcare Group (‘DHG’).
Talley has successfully built and established a highly regarded brand, developing one of the leading dynamic alternating mattresses in Europe.
Talley has a strong heritage and history of innovation in the PAC industry, having first incorporated in 1953 shortly before discovering a rudimentary PAC mattress design. This was the first product of its type to be released in the UK and Europe, and today Talley’s highly regarded brand and leading products are distributed to over 30 NHS trusts and 40 countries internationally. DHG is a pan-European medical devices manufacturer and leader of innovative pressure care products, moving and handling equipment, specialist seating and bathroom safety solutions.
RSM supported the shareholders through their decision to exit from their family business to focus on alternative business ventures. RSM worked with Talley on a fast-tracked timetable. RSM led the deal from start to finish, running a discreet and competitive sale process.
The RSM and Shoosmiths teams provided expert advice throughout the transaction, ensuring that momentum was maintained to secure the deal. Their commitment and hard work ensured the timeline was met and a good home was found for the business.
Chris Evans, Joint CEO
Talley Group
EMS Group Solutions
RSM’s M&A team has successfully advised EMS Group Solutions (‘EMS’) on its sale to LDC.
EMS Group Solutions is the unique mobile space maker, mover and manager, providing high specification mobile healthcare and fully customisable marketing roadshow solutions to the public and global brands. EMS owns, operates and manages one of the UK’s most extensive fleet of flexible mobile medical units and vehicles, including mobile labs, mobile dialysis units, mobile decontamination units and community diagnostic vehicles.
EMS were growing fast during 2020 and 2021 and wanted to accelerate growth to take account of increased demand due to lengthening waiting lists and a shift to using mobile spaces for clinical trials. The owners of the business recognised that the growth would require investment in capital and people to deliver their ambitious plans. They also had owned the business for many years since inception and wanted to explore a de-risking exercise.
RSM were appointed to raise the investment capital. Following a detailed review of the financial modelling and pulling together a business plan the output was a £12m funding requirement. Our specialist debt advisory business was initially appointed to raise bank debt and following a competitive process Thincats provided £7m flexible debt. This enabled the company to invest in its fleet in the short term and enhance EBITDA ahead of the formal equity raise. There was therefore a £5m equity gap.
RSM M&A prepared a formal business plan and following this it was agreed that the owners wanted to raise £5m cash out and £5m cash in (£10m total) in exchange for a minority investment at a £30m valuation. RSM marketed the business to PE, led a competitive process and negotiated the offer. The result was a valuation over 90% of expectations and a cash out figure three times higher than the shareholders initially sought.
DEAL CARDS
EMS Group
Acquirer LDC
Sector Healthcare
Sub sector Research
Harvest Healthcare Limited
Acquirer Kala Holdings Limited
Sector Healthcare
Sub sector Medical devices
Herida Healthcare (Buy Side)
Acquired Select Medical
Sector Healthcare
Sub sector Medical devices
Kenward Orthopaedic
Acquirer Ability Matters Group
Sector Healthcare
Sub sector Medical devices
Mountain Healthcare Holdings Limited
Acquirer Literacy Capital Plc
Sector Healthcare
Sub sector Care services
Specialist Education Services Limited
Acquirer MBO
Sector Healthcare
Sub sector Care services
Talley Group Limited
Acquirer Direct Healthcare Group Limited
Sector Healthcare
Sub sector Medical devices
Values In Care Limited
Acquirer Swanton Care & Community
Sector Healthcare
Sub sector Care services
