Member Article

APM Healthcare acquisition nets a hefty return for London VC

London-based growth capital investor Beringea is celebrating a healthy return on its APM Healthcare investment after the healthcare property consultancy was snapped up by a national pharmacy chain.

The acquisition will see Day Lewis Pharmacy acquire the Chester-based company and take over the 18 UK pharmacies that APM runs as joint ventures with GP Practices across the country.

In turn the deal will represent a 3x return for Beringea as they cash in on the investment they made back in 2011 when APM had only a single pharmacy in its portfolio but was on the verge of significantly expanding its network after sealing deals with a number of local doctors.

The company has grown significantly since then under the stewardship of Andrew Murray, who previously founded FTSE-listed Assura Group, with Beringea providing a number of follow on equity and debt financing investments.

Commenting on the firm’s growth, Steven Tuckley, Chief Financial Officer at Beringea said that APM had developed into an ‘incredibly successful’ business and credited Murray’s role in its success.

He said: “Andrew’s experience has been invaluable to the business, making for a strong and well-researched proposition, tight control on operational costs, and the ability to secure partnerships with the NHS. This, combined with having a clear exit strategy from the beginning, has made APM Healthcare an excellent investment for Beringea.

“As part of Day Lewis, APM can continue delivering a first class service to patients and we’re excited to see how they develop together going forward.”

Andrew Murray, Managing Director of APM Healthcare, added: “This deal will give our pharmacies broader operational expertise, and the alignment in our cultures and business goals will also ensure our people get the support they need to continue offering exemplary service to patients.

“We’re incredibly grateful to Beringea for its support in our growth so far, which would have been simply unachievable without them, and we look forward to the journey ahead with Day Lewis.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →