BGF invests £6m in medical devices company Medicina
Backing of Bolton-based company marks fifth investment in North this year for Fund
The Business Growth Fund (BGF) today announced its latest investment of £6m in Bolton-based medical devices company Medicina, taking the total invested in the region this year to £35m.
Founded in 1992 by CEO Ken Harrison, Medicina designs and distributes specialist syringes, tubes and pumps designed to administer nutrition to patients, known collectively as enteral feeding devices.
It has grown to become the UK market leader in the enteral feeding device sector, with clients including the NHS and a number of leading homecare companies.
BGF’s £6m investment will be used to support product development and capitalise on growth opportunities in the UK and abroad, in addition to funding potential future acquisitions.
Founder of medical devices consultancy Lambourn Associates Galvin Mould will join the board as a non-executive director following the deal.
The Business Growth Fund is an independent investment company, backed by five of the UK’s leading high street banks.
It invests between £2m and £10m in high-growth British businesses in return for a minority equity stake and a seat on the board for a BGF director.
BGF’s investment in Medicina marks the fifth investment in the north of England this year for the Fund, taking the total invested in the region to £35m.
Other companies backed in the region this year have included Manchester bathroom retailer Better Bathrooms, low-cost gym group Xercise4Less and leading print company York Mailing.
Ken Harrison, founder of Medicina, commented: “We see a number of exciting ways to grow the business both in the UK and overseas.
“As part of our growth strategy, it was important to find the right long term investor to partner with. BGF demonstrated a strong interest in the business and we believe that they are the right partner for us.”
Andy Gregory, regional director for BGF’s Northern team, added: “Our Northern presence continues to go from strength to strength. We have now backed ten exciting companies across a huge range of sectors – from manufacturing and retail through to healthcare and hospitality.
“Having invested £35m this calendar year, we have continued to expand our team as we look to meet the strong demand from ambitious, growing companies who require development capital.”