A medical equipment manufacturer in Gloucestershire has been valued at up to £1bn after securing a major investment deal.
Spectrum Medical Group, based at the Meteor Business Park near Staverton, develops technology used in devices such as patient ventilators and during procedures such as cardiac bypasses.
The firm has signed a new partnership deal with private equity firm CVC Capital Partners, which will help support its continued growth. The financial details of the new investment were not disclosed.
Chief executive Steve Turner, who co-founded the company with chief financial officer Mark Drain, said the agreement represented a “significant endorsement” of the company, which has been built over the last 15 years.
Mr Turner said: “We chose CVC as our partner given their extensive experience in healthcare and their global presence, which we believe will help further accelerate our growth. We are very much looking forward to working with CVC to transform the cardiac space."
Cathrin Petty and Phil Robinson, managing partner and senior managing director at CVC, added: "We are thrilled to invest in Spectrum Medical, a true innovator in the cardiac space that is facilitating improved patient outcomes through a unique ecosystem of products.
“CVC funds invest in companies with leaders in their respective industries and Spectrum Medical is no exception. We are excited to back Steve, Mark and the rest of the management team on the next stage of their journey."
According to its website Spectrum Medical has said its products have been used in more than 60 countries. In addition to its corporate HQ in the West Country, the firm also has offices in Italy and the US.
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