Bridgepoint sells Tunstall Group to Charterhouse
Charterhouse Capital Partners has agreed to acquire Tunstall Group, the European market leader in telecare systems for the elderly and infirm, from Bridgepoint in a transaction totalling £514 million.
Tunstall's products support over 2.5 million people worldwide allowing them to live independently, by using technology to manage their health and well-being. Its principal activities include: care alarm systems for private homes and assisted living environments such as care homes, software for use by monitoring centres to respond to alarms raised and the outsourced management of call centres on behalf of local authorities and related support services. James Buckley, chief executive, Tunstall Group said: “Telecare plays a key role in delivering personalised care to support people with health and social care needs, their families and carers. Our aim is to offer even more enhanced levels of support, drive forward our technology plans and work with our customers to provide effective solutions for a diverse range of people across the globe and I believe we have found the right team to help us achieve our ambitions.” Bridgepoint was already familiar with the sector through its investment in Attendo of Sweden when it acquired Tunstall in June 2005 in a £225 million buyout. It subsequently merged the telecare division of Attendo with Tunstall, creating significant manufacturing and marketing synergies. The company also expanded its presence in Europe and began manufacturing in Taiwan, to become the overall market leader in each of its key territories. The transaction is subject to normal regulatory clearances. Advisers for Bridgepoint in the transaction included: Goldman Sachs (corporate finance), Clifford Chance (legal), KPMG (vendor due diligence) and LEK (commercial due diligence).