InterMed Holdings was the holding company of Penlon, a UK manufacturer of anaesthesia equipment. Penlon designed and manufactured anaesthetic vaporisers, anaesthesia management systems and related products primarily used by anaesthetists in hospital induction rooms, operating theatres and recovery rooms.
Based in Abingdon, Oxfordshire, InterMed employed 300 people across three sites. The company was a global player and distributed in 105 countries including the USA and Japan, with approximately half of all its product sales sold in export markets. The management team was led by Simon Armstrong, CEO.
August Equity managed funds completed a secondary buy-out of InterMed in 2002.
August Equity introduced Simon Armstrong as chief executive officer in 2004. Together with the management team, August Equity made significant improvements in the business and secured a successful entry into the US and a number of emerging markets. Following a period of strong profitability the company completed a refinancing in October 2006. The refinancing provided further working capital for the business to expand and enabled August Equity to withdraw some of the value that it had helped generate.
The realisation of InterMed was completed in 2007 via a secondary buy-out to Altaris Capital Partners, LLC, for a value of £27.5 million.