1. ‘
Healthcare
Our corporate finance team advise on the sale of Leonhard Lang
(UK) Ltd to DCC plc
Disposal to DCC plc
Medical supplies
£undisclosed July 2013
Leonhard Lang (UK) Ltd
Grant Thornton provided
corporate finance advisory services
Background
Gloucestershire medical technology
business Leonhard Lang (UK) Ltd has been
acquired by DCC Healthcare, an operating
division of DCC plc. Leonhard Lang (UK)
Ltd, based in Stonehouse, is the UK
subsidiary of Leonhard Lang GmbH, which
is headquartered in Innsbruck, Austria.
Leonhard Lang (UK) sells and distributes
a range of disposable electrode and diathermy
systems and accessories under the
SKINTACT brand, which are used in
operating theatres, A&E and cardiology. It
employs 21 people and generates sales of
around £13 million.
Leonhard Lang (UK)’s senior
management team – including founder and
managing director Richard Webb, and
finance director Eileen O’Grady, both of
whom were also shareholders - will remain
with the company.
Solutions
Grant Thornton's Corporate Finance
Advisory Team advised the shareholders of
Leonhard Lang (UK) to explore their
strategic options and deliver an excellent
outcome for them and the company.
Drawing on our sector knowledge and
international network, we identified a
number of potential UK and international
buyers, which resulted in considerable
interest in the business from those we
approached. Ultimately, a sale to DCC
proved to be the best solution for the
stakeholders in the business.
Working alongside the shareholders, we
were able to structure a deal which provided
them a significant proportion of proceeds on
completion, enabling management to remain
in the business and maintain an important
trading relationship with major shareholder,
Leonhard Lang GmbH.
Outcome
The initial consideration for the
transaction was £11 million, plus the surplus
cash in the business, with the opportunity to
realise further value in the future.
Mark Naughton, Director at
Grant Thornton commented, "The business
has an innovative and expanding product
base and a strong track record of growth, the
fact that Richard and the senior team are
staying on is excellent news and they will play
a critical role in helping the business to make
the transition to the next stage of its growth."
Grant Thornton worked closely with us to get the business ready for sale.
I was impressed with their professionalism, their ability to draw on sector
expertise and think outside the box to identify a number of UK and
international buyers. They have found an excellent home for the business
and achieved a price which exceeded our expectations.
Richard Webb
Managing Director and Shareholder
Leonhard Lang (UK) Ltd
