Sale of Medical Device Usability
PEMCf acted as lead adviser on the sale of Medical Device Usability Limited to UL, an international safety science leader.
We supported Richard and Sally Featherstone during the negotiations with several interested parties before eventually agreeing a deal with UL.
PEM Corporate Finance were engaged to sell 100% of the shares in Medical Device Usability Limited (“MDU”). We were initially engaged to support negotiations with a single purchaser. However, the process eventually broadened as further off-market approaches were made. Terms were eventually agreed with UL, a US based multi-billion revenue safety science business. The vendors were retained post-completion.
MDU is a medical human factors business, based in Cambridge, which conducts usability tests of medical devices to meet regulatory requirements and helps companies ensure their products will be commercially competitive. MDU offers human factors services with a portfolio that spans user needs research, user interface design, formative and summative evaluation and the preparation of human factors-related documentation and regulatory submission content.
The combination of UL and MDU resulted in a strong global player offering best-in-class medical human factors services whilst gaining further access to international markets.
Dealing with a US trade buyer, we successfully negotiated a Share Purchase Agreement (“SPA”) governed by English law. Also, the Business grew significantly during the process, so we had to account for that growth:
UL acquired 100% of the shares from Richard and Sally Featherstone.