News
LDC exits Fishawack Health following global growth
8 Apr 2020
LDC has announced the completion of its successful exit of Fishawack Health, a UK-headquartered global healthcare communications agency, in a sale to investment firm Bridgepoint for an undisclosed sum. The transaction originally exchanged in early March.
Established in 2001, Fishawack Health’s strategic and scientific focus makes it ideally placed to solve complex brand, portfolio and enterprise level challenges for healthcare and pharmaceutical organisations.
It specialises in three areas – medical communications, commercial and marketing strategy, and creative execution.
LDC first backed the management team, led by CEO Oliver Dennis, in a £38million buyout in 2017 and subsequently provided £18.5million of follow-on funding to support a series of five acquisitions, which helped extend the global footprint and service offering of the business.
Fishawack Health has become one of the largest independent healthcare communications organisations in the world and now has 14 offices in Europe and the US, and a highly skilled workforce of 850 employees. The organisation serves more than 100 customers across 300 different drug compounds, including all of the top 20 global pharmaceutical companies and a range of innovative biotech and medical device companies.
Since LDC’s investment in 2017, revenues increased by 300% and headcount by 250% as Fishawack firmly cemented itself as a key player in North America and Europe.
With the financial and strategic support of LDC we have been able to set the wheels in motion on our ambitious expansion plans."
“After three years of growth, we are ready to take the next step in our journey and look forward to working with our new investors.”
Jonathan Bell, Head of LDC in the North, said: “The success Fishawack Health has achieved since we first joined forces with the team in 2017 is testament to their international ambition. With a clear plan, they have driven strong growth by partnering with complementary businesses that share their motivation and values, consolidating their expertise across multiple geographies. This is a great example of what can be achieved with the support of a dedicated private equity partner. We wish the team the best of luck in their new chapter.”
LDC plays an active role in supporting the buy and build strategies of its portfolio companies, enabling them to drive growth and market share. Since July 2018, LDC-backed businesses across the UK have acquired 40 companies with a total enterprise value of over £220million.
LDC has a strong heritage in backing the management teams of healthcare businesses, having invested almost £300million in more than 35 healthcare firms. Fishawack joins a long list of successful partnerships including Quantum Pharmaceutical which went through an IPO in 2014, pharmaceutical manufacturer Penn Pharma and leading clinical trials business Synexus.