Medtech firm Inspiration Healthcare will acquire neonatal ventilation product provider SLE for the sum of £18 million following a successful fundraising round.
Every year, an estimated 15 million babies are born preterm, and that number is rising. The global market for neonatal medical equipment is set to reach $9.09 billion by 2024.
With products that support new-borns, to respiratory products that support adults in intensive care, Inspiration Healthcare’s solutions are used and distributed to more than 50 countries. Recently, the firm received £5 million of adult ventilator orders from the NHS and a US Patent for a product that could help more than one million babies every year.
Neil Campbell, chief executive at Inspiration Healthcare, said: “We are delighted to have received such strong support for the Fundraising to drive our growth strategy and the acquisition of SLE Limited, a leading designer and manufacturer of ventilators and capital equipment used in neonatal intensive care. Bringing the two companies together will significantly enhance our position as a leader in the global neonatal intensive care sector and deliver a number of benefits that include broadening the Group’s product portfolio, an enlarged global distribution network, added manufacturing facilities and significantly increasing revenues and earnings.”
The company is targeting £100 million revenue through organic growth and acquisitions. This deal doubles the number of staff overnight, increases Inspiration Healthcare’s revenue to £34 million, enables the firm to take on additional manufacturing capability, and increase its global distribution network to cover the Middle East and Asia/Pacific.
This news comes following the successful acquisition of Viomedex – a manufacturer of disposable respiratory products in September 2019.
Bernard Nelligan, managing director at SLE, said: “Improving the wellbeing of the tiniest of patients has been close to our hearts for the last 60 years and I have no doubt that under the ownership of Inspiration Healthcare that this will continue.
“Inspiration Healthcare is a fantastic business run by experienced experts in the neonatal field. This acquisition brings many future opportunities and enables the organisation to continue to innovate and develop life-saving products. With our key management team staying with the business long term, I am certain that we are in very safe hands and will go on to achieve great things.”
Both firms have previously been awarded the Queen’s Award for Enterprise and contributed to the UK government’s Ventilator Challenge as a result of COVID-19.