LDC's Quantum to float on AIM

The pharmaceutical product and services business expects to raise £106.1m through the IPO, giving it a market cap of £125m. Trading is expected to begin on AIM on 11 December.

Quantum stated it will use the capital raised to repay a significant portion of its debt and acquire the remaining shares in product development company Colonis.

LDC backed the £32.5m management buyout of the business, then called Quantum Specials, in 2009, investing £14m in the transaction through a combination of shares and loans.

Under LDC's tenure, Quantum has undertaken an acquisitive growth strategy, bolting on Tomms, Colonis and Protomed. Through this strategy the group has extended its products and services into aseptic compounding; medication regime adherence technology; and the supply of medicines to home care and care home patients.

At the time of LDC's acquisition, Quantum estimated its sales revenues for 2009 would be £22m. In the year to January 2014 its turnover was around £53.5m, with adjusted EBITDA of £9.13m.

Headquartered in Burnopfield, County Durham, Quantum was founded in 2004 and has a headcount of 320. It supplies UK clients including 6,500 pharmacies, 240 hospitals, as well as wholesalers, chemists, dispensing doctors and veterinary surgeries.

LDC directors John Garner and Steve Harrison oversee the GP's investment in Quantum, alongside investment manager Jane Gilbert.

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