WSR Medical Solutions Limited (‘Rothband’) – a specialist manufacturer and distributor of x-ray protective equipment for use in radiology environments has been sold via a management buyout led by company Managing Director and existing shareholder, Paul Dixon.
In 2015, Seneca Partners co-invested with Paul to acquire the business and provide growth capital of the then Rossendale-based business. Over the course of 4 years, the investment allowed the business to develop its products and expand its presence across the UK and internationally whilst creating jobs and vastly improving efficiencies. As part of this development the business relocated to a modern production facility in Burnley which future proofs the ongoing expansion and job creation.
The investment has generated a healthy c2.4x net return for Seneca investors.
Paul Dixon commented: “We have enjoyed working with Seneca and value their support across the past four years – it was always my ambition to lead Rothband forward and now is the perfect time to take sole ownership and drive the next phase of growth.”
Tim Murphy, Director at Seneca Partners, commented: “Paul has been an ideal partner – he has worked hard with his team to develop the business and we are delighted to be able to sell our shareholding to him whilst achieving a solid exit for our investors. This is particularly pleasing in such a turbulent market when exits for institutional investors are thin on the ground. Using growth capital to transform the business and then achieve a management buyout with Paul, we see as a great success story.”
Legal advice on the transaction was provided by Richard Robinson at Napthens and Seneca Partners was advised on the sale by Kourosh Mehrabani at K M Business Advisory.