Xeinadin’s Corporate Finance team has successfully facilitated the disposal of Millercare Limited (“Millercare”) to a management buy-out (“MBO”) team, providing expert advisory services to the sellers and collaborating closely with all involved parties to secure a positive outcome.
Panoramic Growth Equity (“Panoramic”), a leading investor in entrepreneurial UK companies, part funded the MBO from its fourth investment from Panoramic SME Fund 3. Established in 1952, Millercare is a prominent provider of mobility products and services to consumers, charities, and the NHS. Headquartered in Nelson, Lancashire, the company operates 14 showrooms across Northwest England and boasts a growing online presence. The investment will support their continued expansion across the region, leveraging the company’s strong reputation built over 75 years.
Panoramic has partnered with Millercare longstanding management team, MD Nick Buchanan, Finance Director Phil Neal and Operations Director Tara Butterworth, each of whom has been with the company for over 20 years and has played a pivotal role in its growth.
David Atkinson, Investment Director at Panoramic, “We have been impressed with the business that Nick, Phil and Tara have built, founded upon supplying leading mobility brands, with long serving highly skilled staff providing exceptional care, service and expertise to its customers. We are excited about supporting management with their expansion plans”.
Nick Buchanan, Managing Director of Millercare, added, “We are very happy to partner with Panoramic on our Management buy-out of Millercare. News of the transaction has been very positively received by all our stakeholders and we are looking forward to working with David and Katie as we seek to expand the business further across northwest England.”
Xeinadin Corporate Finance’s Steven Lindsay led the corporate finance advisory services for the sellers, with legal advice from Christian Mancier, Gemma Lingard, and the team at Gorvins Solicitors.
The investment in Millercare was led by David Atkinson and Katie Ford of Panoramic. Legal counsel for Panoramic was provided by Rick Life, Wendy Catterall, and the team at Harrison Drury Solicitors. Financial diligence was conducted by Kevin Steven and Jimmy Moore of Pierce Chartered Accountants. Corporate finance advice for Millercare’s management team was provided by David Middleton of Cole Associates Corporate Finance, with legal guidance from Terry Moore at Myerson Solicitors.
Steven Lindsay, Corporate Finance Director at Xeinadin stated, “This MBO highlights Xeinadin’s strong capability in supporting our clients through their business evolution. As a long-standing client, Millercare benefited from our close collaboration with their Xeinadin business advisors, enabling us to efficiently facilitate the MBO and secure their business’s future as they continue on their growth journey with us.”
This latest transaction highlights the strength of Xeinadin Corporate Finance in the market. Led by directors Paul Whitney, Steven Lindsay, and Keith McDonagh, the team has successfully managed numerous transactions recently, including fund-raisings, disposals, employee ownership trusts and MBOs. The team’s expertise allows smooth transactions and optimises value for our clients.
