MONTREAL, Nov. 22, 2016 /CNW/ - MIP Inc. ("MIP"), a leading global supplier of high performance reusable healthcare products, announced today that its British subsidiary, MIP UK Ltd (''MIP UK'') has acquired Cromptons Healthcare Limited ("Cromptons").
With a history that can be traced back to 1926, Cromptons is a leading supplier of reusable and single use healthcare products, including patient positioning devices and garments, to healthcare facilities and outsourced laundry service providers throughout England, Scotland, Wales and Northern Ireland.
Tor Lund, President and CEO of MIP, said "This is an exciting time for our employees, customers and other stakeholders. Over the past several years, our UK business has experienced strong growth in revenue and market share and our acquisition of Cromptons accelerates the execution of our long-term strategy in the UK. Cromptons is a well-recognized supplier in our market with a proud history of supplying quality products and providing outstanding service to its customers. We are very pleased to welcome the Cromptons' team into the MIP family."
Martin Calhoun, Managing Director of Cromptons, said "I'm very pleased to see the business that my team and I have developed over the last 25 years now being acquired by MIP, a global leader in our industry. Cromptons' loyal employees and stakeholders will be well served by MIP and I'm confident that this combination will fortify our leading market position in the UK and create exciting growth opportunities."
Jeff Wigle, Managing Director of Banyan Capital Partners, said, "We perceive a significant opportunity for MIP to build on its already strong position in the UK healthcare market. We look forward to supporting the MIP and Cromptons' management teams on their integration of these two successful and complementary businesses."
About MIP Inc.
MIP is a manufacturer and distributor of high performance textile and related products to healthcare facilities and distributors and outsourced laundry service providers. The Company is a market leader in Canada and enjoys significant and growing market positions in the United States, United Kingdom and continental Europe. MIP has manufacturing facilities in Quebec, China and Germany. MIP is owned by Banyan Capital Partners, a Canadian private equity group, and its senior management team. www.mipinc.com
About Banyan Capital Partners
Banyan Capital Partners is a Canadian based private equity firm that buys and invests in private and public middle-market companies located in North America. As a generalist firm, Banyan provides full or partial liquidity to existing owners or partners with owners wishing to grow their companies and become more successful. Banyan is part of the Connor, Clark & Lunn Financial Group, a multi-boutique asset management firm whose affiliated companies collectively manage approximately $70 billion in assets. www.banyancapitalpartners.com
SOURCE Banyan Capital Partners
For further information: Media Contacts: MIP Inc., Tor Lund, President & CEO, (514) 356-1224; Banyan Capital Partners, Jeff Wigle, Managing Director, (416) 216-7076