Glasgow-based private equity firm Maven has led the management buyout (MBO) of Westfield Medical, a provider of sterilisation products to the healthcare and industrial sectors.

The £12 million funding package includes an equity raise from Maven Investor Partners, a syndicate of institutional, family office and high net worth investors.

“The increasing focus on sterile environments in international healthcare and specialist manufacturing sectors, combined with increased healthcare spend in terms of GDP per capita, is expected to ensure strong future demand in Westfield’s core market,” said Maven.

Westfield’s customer base includes NHS trusts, private hospitals and medical device manufacturers.

It is one of the leading suppliers to the mainland European market, and has markets in the Middle East, Asia, Africa and the Americas.

Maven’s investment will allow Westfield to increase production and expand its international markets.

“We are excited to be backing this ambitious management team,” said Andrew Ferguson, partner at Maven.

“Westfield is a successful, long established business with a market leading reputation for high quality products and excellent customer service, operating in a market that offers significant growth opportunities both in the UK and overseas.”

Patrick Sparkes, managing director at Westfield Medical, said: “This funding provides the resource to achieve the next phase in our development, and we would recommend Maven to any management team considering a future buy-out.”