Medical comms business Fishawack has bought Swiss-based Archimed Medical Communications for a sum of £6 million.
The deal, which is the seventh investment for Growth Capital Partners (GCP) in 12 months, will reportedly give Fishawack the largest medical communications presence in Switzerland.
Back in March 2013, GCP led a secondary buy-out of Fishawack in a £13 million deal which saw existing backer YFM Equity Partners exit.
Fishawack provides medical communication services to what it calls 12 of the world’s 20 largest pharmaceutical firms. It was originally set up in 2001 by Oliver Dennis and Dominic Miller, and now has locations in the UK, Switzerland and the US.
Exiting private equity firm YFM Equity Partners first backed Fishawack back in March 2008 when it led a £6 million transaction. It then went on to fund three separate acquisitions for Fishawack including US-based Nexus in 2009, Alpha-Plus Medical Communications in 2010 and Swiss-based Phocus Services in 2011.
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Fishawack has wanted to partner with Archimed for some time, says Dennis, and is its first step as part of a strategy based on organic and acquisitive growth.
Dennis adds, ‘It was GCP’s ability to offer flexible funding and to support us through this buy-and-build process that made them our investors of choice and it’s good to see this coming to fruition in our partnership.’
New purchase Archimed specialises in providing pharmacovigilance support and scientific writing for global pharmaceutical companies. It was set up in 1997 by current CEO Francoise Rampelberg and has a headcount of 24.
Simon Jobson, partner at GCP and board member at Fishawack, says, ‘We invested in Fishawack as we recognised its strong potential for growth and international expansion. Acquisition is a key part of this strategy.’
GCP provides blended equity and debt to the UK SMEs and raised its £160 million Fund III in 2011.