A management buyout has been completed at a healthcare company as it pushes for international growth.
Leeds-based Steeper Group has been acquired by two members of its existing executive board of directors.
CEO Paul Steeper and finance director John Midgley have bought the business from UK mid-market private equity firm Dunedin. For many years Steeper has been owned by private equity firms, and by Dunedin since 2005.
As part of the agreeement, the company’s bebionic area of the business will transfer ownership to German prosthetics company Ottobock.
Mr Midgley said: “For many years Steeper has been owned by private equity firms, which enabled the company to grow to its current position in the market.
“We are delighted to be moving forward on a new journey from this strong base. Both Paul and I have been long-standing members of the executive board of directors and are confident and excited about what the future holds.”
Steeper Group was founded in the 1920s by Paul Steeper’s late grandfather Hugh. The company initially set out to provide prosthetic limbs to veterans of the Great War, and since then has expanded across prosthetics, orthotics and assistive technology.
Today Steeper Group has a turnover of £32.5m and employs at 470 staff.
KPMG advised the shareholders of Steeper on the deal.