Seven-figure funding for North West medical comms group Fishawack
Fishawack, the medical communications group backed by private equity firm, Growth Capital Partners, is gearing up for more acquisitions after securing a substantial seven-figure funding arrangement with Yorkshire Bank.
Fishawack provides a wide range of communications services to the global pharmaceutical industry and in the last 18 months has completed a number of successful acquisitions in the Switzerland and the US to establish themselves as one of the largest global medical communications specialists.
The company has now secured a significant refinance package with Yorkshire Bank which will provide it with the financial flexibility to continue on its buy and build strategy, creating jobs and developing new services in the process.
Yorkshire Bank has also funded the partial refinance of debt provided by private equity investors Growth Capital Partners, which supported the secondary MBO of the group in March 2013 and will continue its support of the Group’s international growth strategy.
The funding was arranged by Peter Smith and Jane Hartley, directors in Yorkshire Bank’s Acquisition Finance team based in Manchester.
Established in 2001 in Knutsford, where its headquarters are still based, Fishawack has expanded nationally and internationally with bases in Oxfordshire, Basel and Zofingen in Switzerland; and Philadelphia in the US.
The group employs more than 220 people worldwide, including 66 in Knutsford.
Owen Malton, head of Corporate Banking for Yorkshire Bank in the North West, said: “As we continue to see signs of economic recovery in the UK, we are fully committed to supporting the growth aspirations of growing businesses.
“Fishawack is the perfect example of an innovative and market-leading North West business which is expanding rapidly both at home and abroad.
“By expanding the services available and markets in which they operate, the Fishawack management team is creating and exploiting its own growth opportunities as market conditions become more favourable.
“This new funding will allow them to explore more opportunities and continue on their buy and build strategy.”
Oliver Dennis, CEO at the Fishawack Group, said: “We are delighted by the supportive approach taken by the Yorkshire Bank team. They have taken the time to get to know us and understand our banking needs.”
Legal advice was provided to Yorkshire Bank by Addleshaws LLP, financial due diligence and advisory services was performed by BDO LLP.
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