Lucid Group is an international multi-capability healthcare communications group.

Investment type
  • Development capital


Exit type
  • Private equity sale
Exit date

March 2021

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We felt the time was right to bring on board a strategic partner, and in LDC we have an experienced investor with a strong track record in the healthcare sector. From the outset, they have had a flexible approach to the investment, structuring the deal on terms that worked for us.”

Dennis O’Brien, CEO

Buy and building for the future

The group subsequently acquired and integrated two specialist agencies – HealthCare21 and Bluedog – adding significant technical and creative capabilities. Lucid also expanded internationally, launching into new markets in Singapore and Dubai and adding to its established presence in the US.

During a four-year partnership with LDC, revenues grew from £12m to more than £29m. The firm continued winning awards, securing Medical Education Consultancy of the Year in both 2018 and 2019 at the Communiqué Awards, which celebrate exceptional healthcare communications work.

In March 2021, LDC exited its investment in Lucid to alternative asset manager ICG, following a significant period of growth.

> Read our Q&A with Jan Steele of Lucid

Realising Ambition

Having been apprehensive about private equity at first, Jan Steele, founder of healthcare communications agency Lucid Group, chose to partner with LDC to support her ambitious buy and build strategy. Here Jan discusses how a minority investment from LDC helped Lucid acquire two businesses, expand internationally, develop new capabilities and almost treble revenue.

Watch the video
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Our partnership with LDC helped us transform the scale of the business, creating a platform to support rapid expansion through acquisition and the impact on our colleagues and clients has been hugely positive. We’re excited about continuing this journey with ICG, adding new capabilities so we can service our clients in new ways and in new markets.”

Dennis O’Brien, CEO


Medical Consultancy of the Year

Communiqué Awards 2018 & 2019

Communications Consultancy of the Year

Communiqué Awards 2018