NRS was acquired from Findel plc by a management team in a deal driven by private equity funding from LDC and a significant debt package from Yorkshire Bank. As a result, the business is generating strong organic growth by expanding its product portfolio and accelerating its acquisition strategy.
NRS is the UK’s largest outsourced provider of specialist community healthcare equipment and services to the NHS, local authorities and a wide range of care-based organisations. Founded in 1985, the company currently wins 70 per cent of new integrated community equipment service contracts outside London.
It supplies daily living aids that help people with mobility issues to live at home and avoid more expensive hospital or residential care. With a workforce of some 500 staff, the company is headquartered in Ashby De La Zouch and generated revenue of £76.8million in the year to 31 March 2012.
NRS CEO Phil Isherwood said: “Yorkshire Bank’s enthusiasm and willingness to get to grips with our business and our financial needs was impressive. They had a positive, can-do approach to getting the deal done and we look forward to working with them in the future.”
Mike Selina, Acquisition Finance Director at the Bank’s Leeds office, said: “The business has been successful because it operates productively and competitively in a dynamic market. The NHS’ policy over the last ten years has been to reduce costs by outsourcing healthcare services that enable people to remain at home, or return home as soon as possible after treatment. This market driver will become even stronger because of the country’s increasingly elderly population. “Some 25 per cent of us will be aged 70-plus by 2020, while the proportion of outsourcing in the healthcare market will rise from 30 per cent to 50 per cent in the next few years. In this environment, a well-managed and well-funded business like NRS will undoubtedly prosper.”
Yorkshire Bank’s enthusiasm and willingness to get to grips with our business and our financial needs was impressive.Phil Isherwood, CEO, NRS Healthcare