ECI sells Harmoni to CareUK
ECI Partners has made a final exit from WCI Group after selling UK-based outsourced healthcare services business Harmoni to CareUK.
The sale of Harmoni allowed ECI to fully realise its WCI investment. ECI acquired a significant minority stake in WCI in April 2002. Worth £18m, the expansion deal comprised £10m of equity, with debt provided by HSBC Bank.
ECI split the business in 2006 creating the WCI Consulting and Harmoni entities. The GP sold WCI Consulting to Indian technology firm TAKE Solutions in January last year.
Investment bank Altium provided corporate finance advice to Harmoni on the deal.
Company
Harmoni is a provider of outsourced healthcare services including out-of-hours, 111-calls, prisoner healthcare and IT services. It serves more than eight million people in the UK.
Harmoni has experienced an annualised sales growth rate of 39% since 2008, reaching £99m for the year ending 31 March 2012. The company almost tripled its workforce over the same timeframe, according to ECI.
People
Sean Whelan worked on the deal for ECI.
More on UK / Ireland
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater