A producer of consumer beauty and healthcare products has been bought in a £6.5m deal which will allow it to expand.
Healthpoint which has its HQ at Darwin Court, has been snapped up in a management buy-out by Maven Capital Partners.
The UK equity house’s investment was funded through Maven’s co-investment network for professional clients Investor Partners, with debt and working capital funding provided by Barclays.
The investment will enable Healthpoint to fund further new product development, with around 30 new product lines in the pipeline for launch in the next year, and support the business in driving organic growth from its established relationships.
The company is also focused on a buy-and-build strategy with follow-on funding available from Maven to grow the company by acquisition.
Healthpoint recently celebrated its 20th year and won a series of beauty and health industry awards.
It currently has 14 staff at its Blackpool offices with a product portfolio of around 280 lines. Last year its turnover was £12m and it is showing growth for 2016, aiming to achieve £13m.
In 2014 it was sold to the current management team, led by managing director Amanda Parkinson, who implemented a focused commercial strategy.
She said: “We are passionate about delivering high quality products and excellent customer service to our growing customer base, and are delighted that Maven shares our vision for the business.
“We have plans to drive the value of our brands, increase the number of products across the whole product range, capture market share and also target overseas sales growth. ”
Ryan Bevington, investment director at Maven, said: “We are delighted to have completed the investment in Healthpoint, which is a leading player operating in a growing segment of the market.
“We look forward to working with Amanda and her team to help the business continue its impressive growth over recent years.
“Healthpoint is another example of a high-growth portfolio company which is bringing a large number of new products to market over the coming year.”