MIG is an Essex based medical devices manufacturer and global distributor, specialising in innovative endoscope sterile storage solutions, as well as other endoscopy consumables, bespoke procedure carts, and other trademarked medical products.
Throughout the past 18 months, MIG have delivered significant turnover and profit growth as a result of shifting to a direct sales model, and through opening sales offices in France and the USA.
Following several opportunistic approaches by potential buyers, the shareholders of MIG selected us to advise them based on our sector experience, mid-market credentials and our experience in complex cross-border deals.
We led negotiations with parties who had previously approached MIG, as well as identifying additional strategic buyers including Cantel.
Cantel is a NYSE listed medical devices company specialising in infection control and prevention. With the addition of MIG to its growing portfolio, Cantel will be able to offer a market leading end to end endoscope reprocessing and storage solution, and will have the most comprehensive endoscope infection prevention and management system in the industry.
Following a highly competitive process three detailed offers were developed, of which Cantel's proved to be the most attractive. The final deal represented more than 10x EBITDA, reflecting a significant strategic premium above market multiples.
We provided lead advisory and tax advisory services to the shareholders which delivered a deal value significantly above expectations.
Grant Thornton did an excellent job in leading us through from start to finish in what turned out to be a complex transaction. The team was instrumental in delivering an exceptional outcome for the shareholders. They really went the extra mile for us, and impressed us with their insight, judgement, hard work and dedication in delivering this fantastic result. I would certainly recommend them as a high-quality corporate finance advisor.
David Mason CEO, Medical Innovations Group Limited
