Neocare was established in 2006 and manufactures stainless steel products for medical facilities across the UK, with a high focus on sterile services and endoscopy.
New owner Rakesh Javer purchased the business earlier this year and has set out a five-year plan to grow into new markets such as pharma and veterinary, both in the UK and overseas.
Neocare supplies products to all types of decontamination, hospital, food, laboratory, medical manufacturing and pharmaceutical facilities from its manufacturing base in South Wales.
Rakesh, who is based in Solihull, has worked in the medical capital sales environment since 2006 and said purchasing a business in the space was a logical next step.
He said: “Our former owner grew the business to a level he was very comfortable with and made a very good living from it. He wanted to retire and sell to someone to maintain the business and take it to the next level.
“Our plan is to expand into new markets, including pharma and veterinary. It’s a five-year plan to distribute into Europe and beyond and as I’ve been in this field since 2006, there’s an obvious synergy here.
“The equipment we manufacture is an important part of the treatment jigsaw in medical settings – if it’s not in the right place at the right time in the right position, it can cause problems.”
A key component in securing the company for Rakesh was his relationship with Solihull-based Prime Accountants Group and director Jamie Skelding, who advised on several aspects of the purchase.
He said: “Our involvement was key in getting the deal over the line and then implementing a formal accounting system at the business for Rakesh.
“This now means he has a business with transparent financial reporting and is fully trained on how to get the most out of the systems we’ve put in place.
“He was hugely thankful for advising him and helping us get through that side of it. The most important thing is now our relationship moving forward, working with him to get the most he can from his investment.”
Rakesh added: “For me being based in Solihull, I wanted to work with a local accountancy firm and the conversation felt very comfortable from day one.
“Jamie explains things in a very ‘non accountancy’ way. When you're making a transaction of that size, you want someone to be able to explain it in layman’s terms and Jamie was able to do that.
“This is part of a long-term partnership to help me achieve my ambitions for the business, with advice and guidance along the way.
“Rather than an A4 pad with ins and outs, I now have a live, real-time view of our finances and can get an instant snapshot of what's happening with the business.”
