Harrison Drury advises Panoramic on growth investment in Millercare
Harrison Drury’s corporate team has advised on a deal which has seen a long-established North West mobility services company receive investment to support a management buyout and future growth.
The firm has advised Panoramic Growth Equity, a leading investor in entrepreneurial UK companies, on its fourth investment from Panoramic SME Fund 3, backing the management buyout of Millercare Limited.
Established in 1952, Millercare provides a wide range of mobility products and associated services to consumers, charities and the NHS.
Headquartered in Nelson, Lancashire, the company has 14 showrooms across the North West and a growing online presence. The investment will lead to continued expansion across the region, capitalising on its strong reputation built over 75 years of trading.
Panoramic invested in Millercare alongside its current management team, managing director Nick Buchanan, finance director Phil Neal and operations director Tara Butterworth, each who have been with the company for over 20 years and overseen Millercare’s growth.
Panoramic’s investment director, David Atkinson, said: “We have been impressed with the business that Nick, Phil and Tara have built, founded upon supplying leading mobility brands, with long serving highly skilled staff providing exceptional care, service and expertise to its customers. We are excited about supporting management with their expansion plans”.
Nick Buchanan, Millercare’s managing director, commented: “We are very happy to partner with Panoramic on our management buyout of Millercare. News of the transaction has been very positively received by all our stakeholders and we are looking forward to working with David and Katie as we seek to expand the business further across North West England.”
Harrison Drury’s advisory team on the deal was led by corporate partner Rick Life and senior associate Wendy Catterall with support from Richard Williams-Bulkeley and Sophie Holt-Rogers in the corporate team, Emma Butterworth, partner in the employment team, and Jennifer Potts, senior associate in the real estate team.
Rick Life, partner at Harrison Drury, said: “The knowledge, resources and financial backing provided by investors like Panoramic is vital in helping SMEs and our economy to grow.
“We’re proud to have supported Panoramic on this transaction, which will enable Millercare’s experienced management team to further grow this long-established business and help even more people in the region to receive support with their mobility and independence.”
Panoramic’s investment in Millercare was led by David Atkinson and Katie Ford. Kevin Steven and Jimmy Moore at Pierce Chartered Accountants provided financial due diligence. David Middleton of Cole Associates Corporate Finance provided corporate finance advice to the management team, and they were advised on legals by Terry Moore at Myerson Solicitors.
The sellers received corporate finance advice from Steven Lindsay at Xeinadin Corporate Finance and legal advice from Christian Mancier, Gemma Lingard and the team at Gorvins Solicitors.