Basingstoke prosthetics manufacturer acquires four Norwegian rehab clinics
Prosthetics manufacturer and care provider Chas A Blatchford & Sons Limited has completed the acquisition of four Norwegian rehabilitation clinics and their current distributor thanks to a £12million funding package from Lloyds Bank.
The company, which is based in Basingstoke, manufactures and supplies prosthetic limbs and custom-made orthopaedic footwear.
It also provides comprehensive rehabilitation services to both NHS and private healthcare organisations across the UK.
The business is now the majority shareholder of clinics Aktiv Ortopedi AS, Ortopediservice, Nordland Ortopediske Verksted AS, and Atterås Ortopediteknikk AS, as well as its distributor Ortopro.
Lloyds Bank provided the company with a £12 million funding package that was split between a term loan, asset-based lending facility and a revolving credit facility.
This allowed the business to borrow against the value of its products to generate working capital.
The clinics become part of Blatchford Ortopedi AS but will continue to operate locally using their existing trading names.
Blatchford, which has 650 employees globally, makes most of its products in Basingstoke, with additional production and research and design facilities in the USA. It also has sales subsidiaries in France, Germany and joint ventures in India and Russia.
Stephen Blatchford, chief executive officer of Chas. A. Blatchford & Sons Ltd. said “The Norwegian prosthetic and orthotic market is a well-regarded and well reimbursed market that is going through a process of consolidation.
“The merger of these four clinical businesses will create the largest rehabilitation business in Norway and give us the critical mass to succeed there.
“We are also looking forward to sharing expertise both within Norway and between Norway and the UK to improve the quality of services and products that the whole group provides to patients. This is an extremely exciting development for Blatchford.
“The support of Lloyds Bank has been instrumental, with the team’s understanding of both the healthcare and manufacturing sectors playing a key role in the deal.”
Richard Colclough, relationship director at Lloyds Bank Commercial Banking, said: “Mid-market manufacturers like Blatchford are the driving force of the British economy and we are committed to supporting their growth ambitions with tailored funding solutions, and the export of its services and products to Norway will hopefully lead to new business opportunities for the company.”
This was posted in Bdaily's Members' News section by Ellen Forster .
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