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Jun 2013 – GCP back its first bolt-on acquisition for Fishawack, two months after secondary buyout

GCP back its first bolt-on acquisition for Fishawack, two months after secondary buyout

  • Fishawack acquires Swiss based Archimed Medical Communications Ag in a £6 million transaction
  • Seventh investment for GCP in twelve months

Fishwack bolt-on acquisition

Manchester – 6 June 2013 – Growth Capital Partners (GCP), the provider of blended equity and debt to the UK’s small to medium sized businesses, today announces that it has funded its first bolt-on acquisition for Fishawack, an independent medical communications agency based in Knutsford, Cheshire, that it acquired in a secondary buyout at the end of March 2013. This is the seventh investment that GCP has made in 12 months.

With GCP’s support and corporate finance advice from BDO, Fishawack has acquired Swiss based Archimed Medical Communications Ag (“Archimed”) in a £6.0m, transaction.

This acquisition will give Fishawack the largest medical communications presence in Switzerland, employing over 40 people, and providing critical mass at the centre of the European pharmaceutical industry. It will also add to the business’ clinical and regulatory writing capabilities and pharmacovigilance (drug safety) work.

Based in Zofingen, close to Fishawack’s office in Basel, Archimed is an agency that specialises in providing pharmacovigilance support and scientific writing for global pharmaceutical companies.

Archimed was founded in 1997 by CEO, Dr Francoise Rampelberg, and currently employs c. 24 people.

Demand for pharmacovigilance services is increasing due to the growing demands of regulatory authorities and new reporting requirements. This represents a significant growth opportunity for the business.

Simon Jobson, partner at GCP and a member of Fishawack’s board, commented:

“We invested in Fishawack as we recognised its strong potential for growth and international expansion. Acquisition is a key part of this strategy.

“The acquisition of Archimed will give Fishawack the largest medical communications team in Switzerland. It is the first step in management’s plan to build the company’s market leading position, increase its customer base and expands its geographic footprint.

“We join Fishawack in welcoming Archimed’s team to the business and look forward to working with them as we move forward.”

Oliver Dennis, co-founder of Fishawack said:

“We have wanted to partner with the team at Archimed for some time and are delighted to be joining forces. It means we can offer our clients an expanded range of services, which they increasingly need. This is the first step that we have taken with GCP in our plan to grow the business organically and through acquisition.

“It was GCP’s ability to offer flexible funding and to support us though this buy and build process that made them our investors of choice and its good to see this coming to fruition early in our partnership.”

Advisers:
Funder – GCP: Simon Jobson, Richard Shaw, Garrett Curran.
CF Advisors – BDO: Ruth Percival, James Fieldhouse.
Company legal – Hill Dickinson: Craig Scott, Michael Murphy.
Swiss Legal – Vischer: David Jenny.
GCP legal – Ward Hadaway: Martin Hulls.
Bank Legal – Brabners: Andrew O’Mahony.
Financial due diligence – BDO: Chris Heatlie, Steven Kingham.

Ends

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