Acquisition Opportunity

Hilco Streambank (“Hilco”) is seeking offers to acquire the intellectual property and business assets of Staels Design Limited (In Liquidation) (“WheelAir” or the “Company”) on behalf of the Liquidator of the Company, Donald Iain McNaught of Johnston Carmichael LLP.

Background

Wheelchair users are at higher risk of thermal management issues than others, often because of medication, autonomic nervous system dysregulation, or a worsening of neurological symptoms, but also compounded by seating systems that lack ventilation. While prevention strategies are naturally multifaceted, a wheelchair user’s first line of defence is their cushion. Founded in 2016, the Company developed and manufactured its non-invasive solution to overheating and moisture management, the WheelAir, an award-winning patented ventilation solution designed for integration into wheelchair seating systems.

Designed with the input of Paralympic athletes as well as wheelchair producers, WheelAir is the product of several years of research and development and c. €1.1m in investment, including investment from wheelchair users, and the parents of wheelchair users. The WheelAir system employs a novel temperature and moisture control system designed to fit any wheelchair. The system works by dispersing air evenly across the seat surface to lower temperature, remove moisture build-up, and keep skin dry and clean. The Company’s product employs inbuilt fan technology, which not only cools the back but reduces the user’s core temperature by taking away excess heat and moisture, allowing for instant comfort and better temperature control. The product is available as a B2B solution sold to wheelchair seating manufacturers, which accounted for 80% of the Company’s business, or as finished B2C products, being a backrest and seat cushion cover.

In 2018, with the endorsement of double Paralympian Michael Kerr, WheelAir appeared on the British reality television business programme Dragon’s Den, presenting the novel product and business opportunity to a panel of five wealthy celebrity investors. The product received strong praise from the industry titans, with the Company receiving four investment offers before successfully securing £75k of investment from two of the programme’s most sought-after investors. WheelAir gained much exposure from its appearance on the show, bolstering the Company and its offering.

Before Liquidation, the Company had successfully penetrated several markets, with significant traction in the UK, Europe and Australia. The Company has a global customer base, including care homes, wheelchair manufacturers and rehabilitation centres.

Sale Process

UNDER OFFER

All expressions of interest and bids are to be directed to Hilco in writing. A Bid Submission Form is available on request. Please contact Hilco to gain access to a virtual data room of further information on signing a confidentiality agreement.

Key Terms & Conditions

The Liquidator acts as an agent of the Company and without personal liability.

The bidder acknowledges that Hilco acts as an agent for the Liquidator who offers for sale only what right, title and interest (if any) the Company possesses in the assets. Such sale will be without any warranties, expressed or implied. The information provided has not been verified by Hilco or the Liquidator and bidders are deemed to have carried out their own due diligence.

VAT, if applicable, at 20% will be added to the price. A non-refundable deposit of 20% will be payable by the buyer within 48 hours of bid acceptance. A buyer’s premium of 10% of the sale price is payable by the winning bidder. Legal completion to occur within 5 business days of bid acceptance. Hilco's full Terms and Conditions apply. Hilco Streambank's full Terms and Conditions apply. 

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