Charterhouse Capital Partners, the private equity firm, has agreed to acquire Tunstall, a healthcare technology company.
The £514 million acquisition of Tunstall, who make telecare and telehealth equipment, is Charterhouse’s second deal this week.
On Tuesday, the firm announced the acquisition of Giles Insurance Brokers, a Glasgow-based chain, from Gresham for an undisclosed amount.
Effective solutions
James Buckley, Chief Executive, Tunstall Group said: “Our aim is to offer even more enhanced levels of support, drive forward our technology plans and work with our customers to provide effective solutions for a diverse range of people across the globe and I believe we have found the right team to help us achieve our ambitions.”
Bridgepoint Capital, which acquired Tunstall in June 2005, will remain a minority shareholder in the company which is based in Whitley Bridge, Yorkshire.
The private-equity firm is expected to make about 2.5 times its equity investment from the sale.
Reinvest
Charterhouse raised debt from Royal Bank of Scotland, which funded Bridgepoint’s takeover three years ago and plans to syndicate some new debt to other investors, the Financial Times reported.
Bridgepoint is expected to reinvest in a stake of about 18 percent, giving it a seat on Tunstall’s board.
The management which owns about 20 percent is also reinvesting significantly, the newspaper said.
March 05, 2008