Vitaflo refinances for the future
The nutritional products company ready for a new phase of growth
Vitaflo, the nutritional products company, has undergone a major refinancing deal allowing shareholders to exit and for new money to be invested.
The Merseyside Special Investment Fund’s (MSIF) Venture Fund has invested £3m and the company has also gained backing from the Clydesdale Bank Plc.
The company was formed in 1997 by the acquisition of a small Scottish company, which was relocated to its current site at Brunswick Dock in 1998.
Vitaflow has expanded from a turnover of £200,000 in 1998, to £11m and it now sells its products, which are designed to manage metabolic diseases and disease-related malnutrition, across the world. Major clients include the NHS and major UK wholesalers.
The business is run by directors Tony Partington, Bill MacNab and Maura O’Donnell and employs 41 staff.
Vitaflo director, Tony Partington said: “Vitaflo is a great success story for Merseyside.
“We would like to express our appreciation to MSIF for all the support they have given us, particularly during the early years when they stood by us through some tough times.
“We are pleased that our relationship with MSIF will carry on through this latest investment and are very much looking forward to the future.”
Legal advisors involved in the transaction were Paul Rimmer, James Kerrigan and Andrew Noon at DLA who acted for MSIF and Kieran Donovan at DWF who acted for the management. Financial due diligence was undertaken by KPMG.
© Crimson Business Ltd. 2008