Independence Products Limited

In June 2023, Graphite led the primary buyout of IPL, a distributor of a focused range of infection prevention products to renal patients, for use outside the hospital setting. IPL’s products were protected by patents and listed on the NHS Drug Tariff, which allowed for them to be offered on prescription. IPL also held a Dispensing Appliance Contractor Licence which allowed it to receive those prescriptions and distribute its products directly to patients, to interact with them and control the customer relationship.

At acquisition, IPL focused on patients with kidney conditions, with this population particularly susceptible to water-borne infections. Owing to the chronic nature of kidney disease, patients with dialysis lines typically needed IPL’s products over prolonged periods. In December 2024, IPL began serving oncology patients, a significant unserved market with strong demand for its products.

Following its investment, Graphite appointed a strong leadership team, invested in systems and technology to optimise information provision and patient service, and scaled marketing and commercial activities significantly to drive market penetration. By the time of Graphite’s sale, IPL had doubled the number of patients actively ordering its products, expanded into the attractive adjacent oncology market, made key distribution inroads into international markets, acquired its key manufacturing partner and more than doubled its staff base to 65. Graphite remains a significant minority shareholder.