Malaga business Hills Healthcare Equipment has been sold by its parent company, Hills Holdings, to a management group backed by private equity investors.
The business was bought by K Care, which is owned by Hills Healthcare's management team and Sydney-based private equity firm Anacacia Capital.
Hills Healthcare Equipment manufactures and distributes hospital, residential, aged care and community care equipment for the Australian and international markets.
In a statement, Hills Holdings managing director Ted Pretty said the sale, for an undisclosed amount, is expected to be completed in late January, and is part of a wider move to “better the position of the group for the future”.
Mr Pretty said the company would remain in the healthcare industry, but focus on offering products from within the group, rather than being a producer and distributer of assisted care equipment.
Anacacia Capital was founded in 2007 by former ANZ Banking director and chairman of the bank’s private equity management committee Jeremy Samual.
It has since invested in a number of small to medium sized businesses across a range of industries, including chemicals, home appliances, baby food, audio-visual equipment and language services.