Inditherm has announced the proposed acquisition by way of a reverse takeover of the entire share capital of Inspiration Healthcare, a medical device distribution company.
In a statement, heating technology firm Inditherm, which is based in Rotherham, said: “The acquisition constitutes a reverse takeover under the AIM Rules and as such is conditional, inter alia, on approval by shareholders which will be sought at a general meeting of the company to be held on June 23 2015.”
Inspiration was founded in Leicestershire in 2003 as a medical device distribution company, focused on products for critical care. The company now provides a range of products for critical care, specialised surgical procedures and parenteral feeding through distribution agreements covering the UK and the Republic of Ireland. Inspiration also has a range of own-branded products focused on critical care which are sold in more than 40 countries. Inspiration has a technical support business maintaining and repairing medical equipment.
Commenting on the transaction, Mark Abrahams, Inditherm’s chairman, said: “We have believed for some time that there is underlying value in Inditherm, but the combination of small scale and overhead costs have been a constraint. This transaction has the potential to unlock shareholder value and represents an excellent outcome to our review of strategic options which we have undertaken over the last year.”