New healthcare investment company Impel Healthcare Catalysts has announced its first deal after it officially launched last week.
The firm has acquired a majority stake in Trio Healthcare, which manufactures a range of ostomy products.
Impel was set up by Richard Anderson and Spencer Kerry, former executives at Cheshire-based wound care firm Crawford Healthcare, which was sold to US firm Acelity for $126m in June 2018.
Knutsford-based Impel said the deal is the first in a “strong pipeline” as it looks to invest in companies with values of up to £50m.
Mr Anderson said the ostomy market is a “massively untapped sector”, and is estimated to reach $4bn globally by 2021.
He said: “With its new ground-breaking technology in development, this is a real opportunity for an innovative company like Trio to disrupt a multi-billion-dollar market, so we’re excited to launch that in early 2020.
“Impel has a commitment to backing tech-enabled healthcare businesses with good potential that lack funding and expertise, so we are delighted to have secured our first investment in Trio, a company primed for its next stage of growth.”
The deal will see Mr Anderson and Mr Kerry join Trio CEO Lloyd Pearce on its board.
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Trio, which has bases in Skipton and Buckinghamshire, was founded by Mr Pearce in 2006. It has won two Queens Awards for Enterprise, recognising its technology and innovation.
Mr Pearce said: “Impel’s extensive strategic experience and healthcare knowledge, coupled with the management team’s impressive track record to deliver rapid growth, is a great fit for Trio.
“We have a loyal customer base which has got the company to where it is today, however with the support from Impel we feel confident to be able to take the business to the next level.”
Last week, Impel told BusinessLive Trio’s valuation “is well over £10m”.
Impel said it hopes to invest in five companies in various stages of development over the next 24 months.