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Summit Medical

Summit Medical’s founder-manager was looking to sell to a long-term growth investor which would develop the business to its next level. Graphite Capital structured a deal which enabled the business to pursue further growth while its founder realised significant proceeds and retained an ongoing shareholding and Board seat

Graphite led the management buy-in/buy-out of Summit Medical in September 2001. An experienced CEO was brought in to supplement the strong incumbent management team. The company had an established and growing market position in niche segments in the UK, with clinically proven and patented products. The strategy was to create a leading supplier of single-use medical devices to the global market.

Summit grew both in the UK and internationally. R&D was strengthened and major new products were launched. In addition, the company made two bolt-on acquisitions in adjacent market segments. It expanded export revenues significantly, thanks to the enlarged product range. The company was on a strong growth trajectory when it was sold.

Summit Medical

KEY BUSINESS ACHIEVEMENTS

Completed two acquisitions, entering a new product segment

Nearly doubled its employee numbers

Expanded rapidly in North America, which became the company’s largest market

More than doubled sales and EBITDA

3.2x

RETURN ON GRAPHITE'S INVESTMENT

BUSINESS EXIT

In 2008 Summit Medical was sold for £36 million in a secondary MBO backed by The Riverside Company, generating a return of 3.2 times cost.