A Cheltenham-based company specializing in tech-enabled medical equipment has secured an investment from CVC Capital Partners in a deal that values the business at up to £1bn.
Spectrum Medical Group and CVC Capital Partners VIII have signed a definitive partnership agreement to support the company’s continued growth.
Spectrum Medical has grown rapidly over the past several years bringing pioneering new technologies to the cardiac bypass and critical care space. The company is committed to partnering with the world’s best clinicians in implementing best clinical practices.
Today, Spectrum Medical is focused on growing to become a single “solution provider” of a high-performance technology platform that includes quantum infusion systems, quantum computing, and quantum sterile technologies. The combination of these technologies creates an ecosystem of products that help improve clinical monitoring, improve patient safety and improve healthcare economics.
Steve Turner, Founder and Managing Director of Spectrum Medical, said, “It is a privilege to welcome CVC as a new investor and it represents a significant endorsement of the company we have built over the past 15 years. We chose CVC as our partner given their extensive healthcare experience and global presence, which we believe will help further accelerate our growth.
“We very much look forward to working with CVC to transform the heart space.”
Cathrin Petty, Managing Partner and Phil Robinson, Senior Managing Director at CVC, added, “We are excited to invest in Spectrum Medical, a true cardiac innovator that facilitates improved patient outcomes through an ecosystem single of products.
“CVC funds invest in companies that are leaders in their respective industries and Spectrum Medical is no exception. We are delighted to support Steve, Mark and the rest of the management team on the next stage of their journey.”
Details of the advisers who worked on the deal were not disclosed.