The management team of the Fishawack Group, a leading medical communications group, have just completed a tertiary management buyout in a deal worth £38M. Together with LDC, the UK’s leading mid-market private equity investor, they have bought out Growth Capital Partners (GCP), providing a strong exit after their support of the Group over the last 4 years.
Fishawack is one of the largest independent global medical communications groups. With offices in the USA (Philadelphia and San Francisco), UK (Manchester, Oxford and Brighton), Switzerland (Basel) and a team in India (Hyderabad), Fishawack employs over 240 people, most of whom hold PhDs, or are pharmacists or ex-industry personnel. Working with 15 of the top 20 pharma companies as well as innovative biotech companies, Fishawack supports medical affairs and marketing teams in educating physicians about how to optimise patient outcomes.
Oliver Dennis, one of the founders of Fishawack and the Group’s Chief Executive commented, “We’re really excited about working with the team at LDC. We’ve been able to build a good relationship with them over a period of time and so we’ll hit the ground running. I can see that they share our ambition for the Group and on a personal level will be a good fit with us as a management team. We have a clear vision and a bold plan, and we have an investor that can help us to achieve them.”
LDC’s Investment Director, Simon Braham said, “We’ve provided a funding structure that will allow Fishawack management to continue their strategy of acquiring complementary businesses in the medical communications and medical marketing space. Also, Fishawack have been developing some innovative new services and forming novel partnership agreements. We want to support them in scaling these up.”
Gail Flockhart, Fishawack’s Group Managing Director, added, “This is good for clients and employees who want to work with a business that is shaping the communications industry. Fishawack will benefit from increased scale, reach, services and talent. Clients tell us that they want innovation. Innovation is part of our DNA, but it takes investment of time, money and commitment because of the lead time to drive adoption of new ideas. This investment in Fishawack will really accelerate our development.”
Garrett Curran, Managing Partner at GCP, said, “We are delighted to have worked with the Fishawack management team over the last 4 years and, after supporting three strategic acquisitions, to see the Group more than double in size. We wish the team all the best for the future as they move to the next stage of their growth strategy and build scale across the impressive international Group.”
Dominic Miller, Fishawack’s Chief Financial Officer, added his thanks to Ruth Percival at BDO for lead corporate finance advisory, and Craig Scott and Michael Murphy of Hill Dickinson LLP (Liverpool) who provided legal oversight of all aspects of the transaction. “I cannot endorse Ruth, Craig and Michael strongly enough.”