Growth Capital Partners (GCP), the provider of blended equity and debt to the UK’s small to medium sized businesses, has acquired Fishawack, an independent medical communications agency, in a £13m transaction.
The deal was a secondary buyout from YFM Equity Partners, which is exiting the business with a two times return on its original investment. GCP’s investment will fund the acquisitive growth strategy of the business as it looks to expand further internationally, it said.
Fishawack was founded in 2001 by Oliver Dennis and Dominic Miller and now has over 120 employees based in Knutsford and Abingdon in the UK, Basel in Switzerland and Philadelphia in the US. Fishawack currently has revenues of over £10m which have more than trebled since the original buyout in 2008.
GCP will take a majority stake in the business with the firm’s Simon Jobson will take a seat on the board.
Jobson said, “Fishawack has achieved an impressive level of growth over the last few years and is now considered a leading medical communications business. Our flexible funding structure will support the business in its next phase of development as it looks to expand further internationally and we have the necessary hands on experience to drive the business forward through a buy and build strategy.”
Paul Cannings, director at YFM Equity Partners, added,: “Over the past five years we have worked closely with Fishawack’s management team to support their ambition of being a leading independent medical communications agency.Through a buy and build strategy, we have supported three acquisitions in the UK, US and Switzerland, trebling the size of the business. We wish Oliver, Dominic, Rachel and Gail much success as they continue their international acquisition strategy with the support of Growth Capital Partners.”
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