Gresham exits Medical Support Systems Limited [MSS]

Gresham today announces it has made a successful exit from MSS, specialists in the development and manufacture of high quality foam pressure-reducing products for the healthcare market.

Gresham has realised its investment in MSS through a sale to Invacare Inc of the USA.

Gresham's Birmingham office provided the equity backing for the management buy-in buy-out of MSS in December 2000 and the exit was led by Gresham Director, James Barbour-Smith.

MSS specialises in the manufacture and distribution of premium priced, premium quality pressure reducing mattresses, cushions, beds and chairs to the UK healthcare sector. They are the leading supplier to NHS hospital trusts, wheelchair services and nursing homes and are developing an impressive international export distribution network from its manufacturing facility and head office in Cardiff, Wales.

Gresham has helped MSS to realise its strategy to develop the business into a broadly based supplier to a range of UK and International healthcare providers. The company has been able to capture new business through continued innovation, developing specialist cushions for the UK wheelchair market and launching new products in the bedding market for home care, specialist hospital uses and infection control applications.

James Barbour-Smith, Director of Gresham who sat on the MSS board, commented: "We have worked closely with the management team since our initial investment and we are delighted that our strong relationship and belief in MSS has resulted in such a successful outcome."

Jon Lewis, Chief Executive Officer of MSS, commented: "We have enjoyed working with Gresham. Our partnership has ensured that the company is positioned well for future growth in European markets."

The sale of MSS is the latest in a series of successful exits for Gresham - including the London Stock Exchange listing of office2office; the sale of Penn Pharmaceuticals to Celgene Corporation; and the sale of Cooltrader to Baugur. The MSS sale is Gresham's second exit of the year.

Nick Johnson of Deloitte advised Gresham and management on the transaction.