Grant Thornton UK LLP’s North West Corporate Finance team has advised on the cross border-sale of medical devices company Parity Medical to US group TouchPoint Inc.
Founded in 1989, the Wirral-headquartered company is a leader in manufacturing customised medical carts, mounting systems, tele-medicine solutions and patient entertainment systems.
Based in Bromborough, Wirral Parity Medical, supplies more than 90% of NHS Trusts and has annual sales of more than £12m.
Grant Thornton’s North West Corporate Finance team established a relationship with Parity Medical more than three years ago and has supported its rapid growth to become a market leader.
Parity Medical will join Pennsylvania-headquartered TouchPoint’s Healthcare platform.
The acquisition complements Touch Point Inc’s pre-existing global reach and strong presence in the UK. Parity Medical’s long-standing relationship with the NHS will be maintained, and enhanced by further investment under the new ownership.
Pete Terry, Partner and Head of Corporate Finance for Grant Thornton in North West, who led the deal alongside Associate Director Chris Ryan said: “Parity Medical is a fantastic North West success story which is now very well-placed to continue to thrive as part of a global business with significant resources and more than 4,500 employees in 27 countries.
“Even before the pandemic, the team was seeing real growth in the health care sector and as spending in new treatments and at-home diagnostics increased, investor interest has accelerated. As the NHS continues to adapt technology and digitalise the ways in which it works, we expect a strong pipeline of activity and investment into this sector.”
Brian M. McNeil, Charmain, President and CEO of TouchPoint, Inc, said: “We are excited to add the Parity Medical’s technology, expertise and solutions to our TouchPoint Healthcare platform, as this expanded offering further enhances our ability to grow and create value for our customers. Parity Medical and TouchPoint Healthcare provide one another with highly complementary products, talent, services and channels to market.”
Steve Wood, former director and shareholder of Parity said: “The Grant Thornton team have been excellent advisers and have delivered a great outcome for the shareholders, the wider team and customers too. We look forward to the future with confidence as part of the TouchPoint family.”
The Parity Medical deal completes a hat trick of Liverpool City Region deals for the Grant Thornton team, which led the sales of Widnes-based Great British Communications to private equity backed United Living in December 2021 and Skelmersdale company Lifting Gear UK to Swedish buyer Axel Johnson International, also December 2021.
Matt Noon and Phil Wallbank of Hill Dickinson provided legal advice to the sellers.
