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Evo Medical is a devices manufacturer and distributor based in Iowa USA specialising in respiratory and sleep therapy products, primarily to the home care market.
Evo Medical has been around for some 18 years and has grown on the back of its core (but ageing) products to a turnover of circa $28 million per year. Approximately 2 years ago it appointed a new CEO, Mr Bryan Hansel. Since that time Mr Hansel has re-engineered the company, replaced some products and added a suite of new products from a variety of different sources, typically under exclusive 5 year licences. The key strength of the company is its distribution network and reputation, which enable it to get new product to markets that are often impossible for smaller companies to penetrate.
The management team comprised Mr Bryan Hansel, Mr Dan Bunting and Mr Robin Mackie.
Mr Bryan Hansel of Evo Medical commented, “This is a fantastic opportunity for the management team and there is clear visibility within the existing product range as to where this growth will come from, as many of the newer products are only just coming on stream. I would also like to thank HMT for all their assistance and advice during the process.”
Led by partner Bruce Morrison, HMT assisted in negotiating the transaction on behalf of management and securing the funding to complete the deal.
Bruce Morrison of HMT commented, “I am particularly pleased to complete this deal because the final deal was substantially different to the original transaction, the point being that with the right raw material we have the skills to turn it into the right finished product. This is a sector with huge growth potential and I anticipate that Evo Medical will go from strength to strength. Whilst this transaction was secured mainly on debt, at some point there will be an opportunity to introduce other equity partners.”