Apr 2013 – GCP backs Fishawack in it fifth investment in nine months
GCP completes fifth investment in nine months
Manchester – 3 April 2013 – 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 £13 million transaction. The deal was a secondary buyout from YFM Equity Partners. GCP’s investment will fund the acquisitive growth strategy of the business as it looks to expand internationally.
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 USA. It provides medical communications (www.fishawack.com) to 12 of the world’s top 20 largest global pharmaceutical companies. Fishawack currently has revenues of over £10 million which have more than trebled since the original buyout in 2008. Founding Directors Oliver Dennis and Dominic Miller, as well as Managing Director Gail Flockhart and Operations Director Rachel Davies will continue to lead the business.
GCP will take a majority stake in the business and Simon Jobson will take a seat on the board.
Simon Jobson, partner at GCP, commented:
“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 internationally and we have the necessary hands on experience to drive the business forward through a buy and build strategy.”
Oliver Dennis. Co-founder of Fishawack said:
“We are really pleased to be working in partnership with GCP and they have a strong track record of helping businesses to deliver on their growth plans. We want to build on our market leading position, increase our customer base and expand internationally. GCP is well placed to help us achieve these goals.”