30 June 2020
The latest article from Insider Wales profiles medical equipment business, Mangar Health. The company was founded in 1981 and produces inflatable devices to assist healthcare workers in moving vulnerable patients with safety and dignity. In the last six years Mangar has grown from a small family firm in mid-Wales to a global player in its niche market with sales across Europe, the USA and Australia.
This rapid growth was fuelled by a management buyout in 2014, backed by YFM Equity Partners. YFM helped Mangar to build on its early success and strong reputation by focusing on key products and professionalising its marketing strategy. Mangar was acquired by European healthcare group, Winncare in 2018 resulting in a 2.7x return for YFM funds.
The CEO of Mangar, Simon Claridge (pictured above, along with best selling Mangar product, the ELK lifting cushion) discussed the changes at the company post-management buyout:
“As a management team, we had to stand back and look at each part of the business, identifying where we could sell products and changing to a commercially-led business – even now, our marketing director manages R&D and products are developed products in line with customers’ needs and market demand. While there were fledgling sales in Germany and the US, we realised that focusing on selling greater volumes of our existing products in new territories was a huge opportunity. Mangar now sells worldwide, across Europe, the US and Australia – all ambulances in Victoria are equipped with the Elk inflatable cushion, and we’re currently targeting New South Wales.”
Ian Waterfield, Partner at YFM and board member of Mangar for four years, is also quoted in the piece:
“With its strong product innovation and operating in the growing area of mobility at home, we could see that the business had huge potential, and there was a real opportunity to improve its sales and marketing operation… When working with SMEs, we see ourselves as an ‘enabler’. We don’t want to micro-manage, but rather ensure that the right senior people are in place in the business to make the change happen.”
Read the full story, Pioneering Medical Device Firm Eyes Further Growth, on the Insider website.