Castle Corporate Finance Limited (“Castle”) is pleased to have advised the shareholders of Splice Cast Limited (“Splice Cast”) on the sale of the company to Vernacare International, a portfolio business of H.I.G. Capital.
Based in Newtown, Wales, Splice Cast is an innovative designer and manufacturer of specialist medical and technical devices, including its own brands of market leading premium screening speculum and associated accessories. Having grown the business strongly in recent years, Duncan Morren (founder and MD) and his family were seeking an exit to pursue other plans.
Vernacare International are pioneers of sustainable manufacturing across Infection Prevention, Clinical Waste Management and Surgical Solutions. The acquisition of Splice Cast signifies the group’s intention to strengthen its presence in the women’s health sector, to which Splice Cast’s Ultraspec® and EcoGold® brands will bring significant value, alongside strengthening UK manufacturing capabilities.
Introduced by a former client, the team at Castle has worked hard with the Splice Cast team to achieve a superb result for all involved. Critical to the sellers was that the market position that has been built over recent years should be properly recognised, with an acquirer having the drive to take the brands to the next level.
Duncan Morren, MD and founder of Splice Cast, commented: “We really appreciate what Victoria, Tom and the team have achieved for us and were delighted with the support and advice that Castle gave throughout. Their close support and enthusiasm through all the highs and lows of endless negotiations, along with clear advice and explanations of each step is certainly appreciated. This was not an easy transaction, but they guided us every step of the way, and were tireless in their efforts to get the best result for us as a family. We cannot thank them enough. Castle is a great M&A partner!”
Castle director, Victoria Ansell, added: “It has been a pleasure to work with Duncan and the family through this process. These things take time, but that is so important if one is to achieve the best outcome. Splice Cast is a great company, with a range of products that make a real difference to screening procedures. I am confident that they will be a great addition to the Vernacare offering. We wish the Morrens all the best.”
Castle also introduced HCR to the transaction, who provide legal advice and support to the sellers. David James, partner at HCR commented: “We were delighted to work alongside Victoria Ansell and her team at Castle Corporate Finance in helping the shareholders of Splice Cast Limited to achieve a successful exit and look forward to seeing the business flourish under its new owners.”
Splice Cast was advised on the transaction by Castle Corporate Finance (Victoria Ansell, Tom Gillen), HCR (David James, Christopher Sharp-Paul), Cadwallader, and UBTA.
Vernacare International/H.I.G. were advised by Birketts (Mark Pinder, Matthew Ratcliffe), with due diligence by BDO and Advena Ltd (Sarah Pavitt).