Chief Executive, Summit Medical Ltd
Q: What changes have taken place in the company in recent years?
A: I am delighted to announce that the Summit Medical group continues to move forwards with a secondary management buy-out having taken place in March 2008.
Summit Medical Limited was originally established in 1984 and in 2001 the founding owners sold the business to London based Graphite Capital and the existing management team, which was when I joined as Chief Executive and co-owner. In the years since 2001, we have been able to build on the successful base we inherited and to focus on future growth, both through additional product sales into all markets, and also through acquisitions. In 2003 we acquired Orthodynamics Ltd and then in 2006 we acquired Marshall Contracts Ltd, which we renamed as Marlux Medical Ltd.
In March 2008 the group was sold to The Riverside Company, a US and European-based private equity firm which is the largest global private equity firm focused on the smaller end of the middle market (enterprise values of up to $150million). Riverside is already an investor in 13 healthcare companies and we look forward to the contribution that their experience will bring to our management team.
I am also delighted that the management team are reinvesting in the new vehicle established to acquire the Summit group.
Q: What do the three divisions in the group do?
A: Summit Medical is probably best known for its expertise in designing and manufacturing the HiVac™ range of bone cement mixing and delivery devices, and for the CellTrans™ post-operative autologous blood systems, as well as distributing Medinorm and Redax wound drainage systems and the innovative S-MART sterile exsanguinating tourniquet. It is now one of the leading orthopaedic medical device providers with an impressive base of global orthopaedic partners to whom we also supply product on an OEM basis. The confidence that our customers have in our products has enabled us to increase our market shares in the UK and to expand our business to over 30 countries worldwide.
Orthodynamics Ltd was established in 1986 and this niche implant and revision company has grown from strength to strength through its ability to provide the orthopaedic surgeon with both ‘off the shelf’ and custom made hip and knee implants for specific patients’ needs. The recent upgrades to the Cannulok®Plus femoral reinforcement system are the first in a line of product enhancements planned for this division of the group.
Marlux Medical Ltd built a strong reputation during the 1990’s for providing high quality disposable curtains which help control infection and make it easy to change curtains more frequently. The range offers a cost-effective, efficient, safe and attractive alternative to conventional curtaining and fits in well with Summit’s core value of offering quality products which deliver clinical and patient benefits. We are delighted with the growth of this division, through a product range which has such clear benefits for all involved in their use and installation.
Q: What are the group’s plans for the future?
A: It was a combination of our strong core business and our ambitious growth aspirations, which, when presented as our business plan, enabled us to secure funding for the secondary management buy-out. So we now enter 2008 eager to execute those plans, which see projected growth for all three divisions. The growth will come from new products which we are under development, new markets overseas – we have greatly increased our resource in this area – and through our commitment to remain close to the needs of our existing customer base and deliver products which exceed their expectations. We also hope to achieve further growth through acquisition.
The increasing needs of an aging population, coupled with medical advances in orthopaedic procedures which reach all age groups, will fuel the demand for our products. With Riverside’s support and focus on growth, we expect that our brand will become stronger and our geographic reach will be deeper.