Bristol-based lawyers and accountants have advised on the £11m acquisition of Gloucestershire medical technology firm Leonhard Lang (UK) by the healthcare business of Irish group DCC.
Mark Naughton and Chris Burgess of Grant Thornton’s Bristol corporate finance team advised Leonhard Lang (UK) on the sale, with tax experts Mike Warburton and Richard Marsh providing further advice.
Meanwhile Bristol law firm TLT provided carried out legal work for Leonhard Lang (UK). Its team was led by corporate associate Alice Gardner and included head of corporate and partner John Wood, commercial partner Alison Deighton, tax partner Nathan Williams, employment associate Kate Williams and corporate solicitor Rosie Leach.
Leonhard Lang (UK), based in Stonehouse, was the UK subsidiary of Austrian group Leonhard Lang GmbH. It sells and distributes a range of disposable electrode and diathermy systems and accessories under the SKINTACT brand which are used in operating theatres, A&E and cardiology.
The firm employs 21 people and turns over around £13m.The initial consideration for acquisition was £11million. The Leonhard Lang (UK) senior management team – including founder and managing director Richard Webb and finance director Eileen O’Grady, both also shareholders – will remain with the company. Leonhard Lang GmbH will remain a key long-term supplier to the business.
Grant Thornton director and South West head of corporate finance Mark Naughton, pictured, said: “The business has an innovative and expanding product base and a strong track record of growth.
“There was considerable interest in the sale process, both here and abroad, but it soon became apparent that DCC is an excellent strategic fit in terms of what Leonhard Lang wants to achieve in the UK.
“The fact that Richard and the senior team are staying on is also excellent news and they will play a critical role in helping the business to make the transition to the next stage of its growth.”
John Wood of TLT added: “We are delighted to have worked with Leonhard Lang Austria and the other shareholders on this significant deal, showing further investment into the UK by international buyers.”
Dublin- headquartered DCC is listed on the London Stock Exchange. The group operates five divisions, employing more than 9,800 people in 13 countries.
