Sleeping woman

Duke Street backs MBO of Air Products’ business

International investment bank Altium has advised management of Air Products’ homecare operations on a deal that sees Duke Street, the mid-market private equity group, acquire a majority share in the business.

The Crewe-based company delivers oxygen-therapy, sleep apnoea therapy, ventilation and tele health services to patients in the home. It has a number of private and public healthcare contracts, including the NHS in the UK and the HSE in Ireland.
Established more than 70 years ago, Air Products is listed on the New York Stock Exchange and provides atmospheric, process and specialty gases, performance materials, equipment and technology.
As part of the deal, the company has been rebranded Baywater Healthcare. It is led by CEO Adam Sullivan and the existing Air Products Homecare management team.
Sullivan says: “This is a fantastic opportunity for our team, we have built a high quality business which is valued by our stakeholders.  Healthcare service provision in the home is a growing market, supporting an ageing population with increasing, complex care needs.”
The acquisition was originated and executed for Duke Street by partner Charlie Troup and investment director Ben Long. A team at Altium provided corporate finance advice to management, led by managing director Simon Lord and assistant director Chris Hopwood.
Lord says: “This deal sees the management own a significant shareholding in the business in which many of them have worked for a number of years. The existing team, led by Adam, will be strengthened further with the addition of Douglas Quinn as Chairman and finance director Howard Jones, who can help grow the business and liaise with its new equity backers.”
Charlie Troup, partner at Duke Street, says: “This transaction presents an exciting opportunity to acquire a high-quality but non-core healthcare business from a global industrial group. We have significant experience of the healthcare services sector, which is well suited to the Duke Street approach to company transformation. The firm remains keen to back strong management teams in pursuing operational improvements and both organic and acquisition-led growth.”
James Sheridan and David Hayes were legal advisers to management and John Loebl and Sean Mitchell of GT provided taxation advice.

Further reading

Upcoming events

Upcoming training

Mon, 12/05/2014 (All day) - Dubai
Tue, 13/05/2014 (All day) - Dubai