Gloucester business sold to investors
By Matt Hall | 17th March 2021
Barnwood Point based business Flexmort, a market leader in flexible mortuary cooling solutions, has been acquired by a group of investors led by Noar Limited.
Flexmort was founded in 2010 by entrepreneur Simon Rothwell, who identified the need for mortuary solutions to be more flexible to cope with fluctuations in demand and to overcome both manual handling and specific cooling issues.
Having developed a market leading range, Flexmort's products are now used worldwide across the healthcare, funeral services and emergency services sectors.
During the COVID crisis, the company said it played a central role in equipping hospitals and assisting governments in contingency planning to manage and extend capacity.
Buyers Noar hold a diverse portfolio of UK investments, with investee companies operating in a variety of market sectors.
Will Lodder, Shaf Bheda and Irfan Ashfak of Magma Corporate Finance acted as lead advisors, with Gary Davie of Legal Clarity providing legal advice to the vendor.
Noar's investment was supported by Chelverton Asset Management with legal advice provided by Andrew Stilton of Keystone Law.
Founder Simon Rothwell said: "We are extremely excited to be joining Noar. The move ensures the company is ideally placed to take advantage of the significant expansion opportunities ahead.
"As with many business owners, I had no prior experience of selling a business so the support I received from Magma and Legal Clarity throughout the process was invaluable. I would not have been able to do it without them and cannot recommend them highly enough."
Shaf Bheda added: "Flexmort is a fantastic business and I'm confident that under Noar's ownership, the business will continue its rapid expansion. I thoroughly enjoyed supporting Simon on the transaction and am pleased that we achieved the right outcome for him personally and for the business".
Mr Rothwell will play an ongoing consultancy role in the business.
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