Tunstall Healthcare Group (‘Tunstall’ or ‘the Group’), the market leading provider of Telehealthcare solutions, today announces that it has secured additional investment of £20 million from its institutional shareholder group led by Charterhouse Capital Partners (‘Charterhouse’), to strengthen its financial position and support the implementation of the Group’s growth strategy.
The investment underlines the shareholders’ support for the strategy being developed by the Group’s new management team, which is the result of a detailed review of the Group’s operations and markets. The Board of Tunstall has confidence that the actions being taken will drive significant further profitable growth.
The Group’s business model is based on the principle of continuing its transition from an equipment sales-led organisation to one focused on customer insight, integrated solutions and high quality customer experience. This shift encompasses the deployment of digital and mobile technology, offering more relevant and compelling products and services to its customer base, and developing new product propositions to position the Group for the future.
Tunstall has over 50 years’ experience in the Telehealthcare sector, which provides technology-enabled in-home care and health services to allow people to stay out of hospital or residential care and live independently, maintaining their quality of life for longer. The Telehealthcare market is global and growing, underpinned by the structural demographic trend of aging populations and increasing demand for independent living solutions and home care. Tunstall currently operates in over 50 countries with leadership positions in the UK, Continental Europe and North America.
Paul Stobart, Chief Executive Officer of Tunstall, said:
Since I joined Tunstall at the end of last year we have embedded an experienced management team and put plans in place to improve the financial performance of the Group against a challenging trading environment. At the same time we have been working on developing the right strategy to capitalise on the significant longer-term potential of this business. Tunstall is the market leader in Telehealthcare, with motivated people doing great things every day for our 3.6 million customers all around the world. The home care market is growing and I am confident that our strategy, backed by this new investment, will enable Tunstall to improve its customer and product propositions, maintain its market leadership and deliver profitable growth.
Giuseppe Prestia, Partner at Charterhouse, said:
Charterhouse has been a long-term shareholder in Tunstall and our ongoing investment underlines the strong growth prospects of the business. Tunstall continues to be a successful, profitable, cash-generative business and we are supportive of the management team and strategy.