Sale of Nitritex

We were the lead adviser to the vendors throughout the company’s sale to Ansell, a manufacturer of protective and medical gloves, clothing, and safety devices.

What we did

We supported the vendor throught the sale process; from analysis of historical and forecast financials and preparing models, to reviewing the letter of intent, and finally reviewing the deal structure and other commercial aspects of the transaction.

Company background

Founded in 1996, Nitritex manufactures a broad range of sterile and non-sterile consumables including disposable gloves, garments, googles, face masks and accessories. The company has strong capabilities in support the demanding standards of cleanroom and healthcare customers in more than 80 countries. The company has offices in the UK (Newmarket) and Canada. They have a manufacturing facility in Malaysia focused on cleanroom processing and packing, as well as specialised glove manufacturing.

What was special

Having worked with the vendor towards this transaction over several years, we were delighted to secure a strategic buyer which will support Nitritex’s future growth worldwide.

Deal structure

Ansell acquired 100% of Nitritex for a total consideration of £57 million including £12 million of cash. The net purchase price of £45 million was equivalent to a multiple of approximately seven times adjusted EBITDA on a trailing 12 month basis at the date of completion.