The management team at an Oxfordshire-based healthcare equipment manufacturer has acquired the company after securing the backing of a US private equity firm.

InterMed, which trades under the Penlon brand, has changed hands in a £27.5 million deal funded by Altaris Capital Partners LLC.

The company, which makes anaesthesia equipment, was bought by a team led by chief executive Simon Armstrong, who joined the company in 2004. Armstrong said Altaris, which focuses exclusively on the healthcare industry, will take the company to the next phase of its growth.

InterMed was sold by funds managed by August Equity LLP, which bought the company from venture capitalist and private equity firm 3i in 2002. Under August’s ownership, InterMed has entered several new geographical markets including the US.

Abingdon-based InterMed designs and manufactures vaporisers, management systems and related products primarily used by anaesthetists in hospital induction rooms, operating theatres and recovery rooms.

The company employs 300 people across three sites and sells its products in 105 countries in Europe, North America, the Middle East, Asia and Latin America.