LDC invests in Bullen Healthcare

LDC, the private equity investor which is part of Lloyds Banking Group, has invested in Bullen Healthcare (Bullen) to support the business’ ambitious growth plans.

Liverpool-based Bullen is the UK’s largest independent Dispensing Appliance Contractor of stoma, urology and wound care products. Founded in 1848, the fourth-generation family business has developed a personalised home delivery service that helps patients to manage their conditions by providing the highest standard of tailored, clinical support alongside their product needs.

LDC is backing the management team, led by Managing Director Paul Bullen, as it accelerates growth across the UK by investing in clinical excellence, product innovation and patient care.

The transaction was led by Partner Dan Smith, Investment Director James Marshall and Investment Manager Anthony West, with healthcare sector expertise from Partner Aziz Ul Haq. Dan Smith and James Marshall will join the board as Non-Executive Directors.

Svenn Poulson and Barry McBride also join Bullen’s board as Non-Executive Chair and Non-Executive Director respectively. Svenn is a former Vice President of Wellspect Healthcare and previously held several senior roles at Danish medical device manufacturer Coloplast. Meanwhile, Barry joins with significant experience in the sector having held senior positions at medical device manufacturers Mölnlycke and Teleflex.

Paul Bullen, Managing Director at Bullen, said: “We’ve been serving people in the community for more than 160 years and the personalised service we provide is an essential part of what makes us special. With the support of LDC, we have secured our independence and we’re well positioned to continue to support the NHS as it looks to reduce costs whilst continuing to provide the highest level of clinical care to patients.

Dan Smith, Partner and Head of Yorkshire at LDC, added: “Bullen is an exceptional business with a long heritage of providing the highest possible standard of patient care. Its model is specifically designed to ensure people have access to the most cost-effective, clinically appropriate products available and we’re looking forward to helping Paul and the rest of the management team scale the company so it can meet the needs of even more patients across the UK.”

Bullen was advised by Zeus (corporate finance) and Eversheds (legal).

LDC was advised by Grant Thornton (corporate finance and debt), KPMG (financial and tax due diligence), PMSI (commercial due diligence) and Squire Patton Boggs (legal).

Muzinich & Co has provided debt financing for the transaction