H2 buys Healthcare 21

The GP bought a 49.9% stake in Primacy Healthcare 21, the holding company that controls Healthcare 21, by deploying capital from its H2 Equity Partners Fund V. The fund, which targets assets based in the UK, Ireland and Benelux, held a first and final close in March 2016 on its hard-cap of £200m. 

The GP plans to merge Healthcare 21 with its portfolio company Aquilant to create a group with revenues in excess of €150m, 450 staff, and operations across Ireland, the UK, Germany and Austria.

The firm stated that the combined group's infrastructure and expertise will ensure that both companies can maintain focus on their current plans.

H2 acquired Aquilant from Irish group UDG Healthcare in August, in a deal valued at up to €23m. The transaction was structured with an initial payment of €20.5m and a further sum of up to €2.5m, dependent on the company hitting its gross profit targets in its current and next financial years.

Company
Founded in 2003 and based in Cork, Healthcare 21 is a medical equipment distributor with operations across the UK, Germany, Austria and Ireland. The company supplies healthcare products, consumables, medical devices and equipment to healthcare providers, and offers marketing, customer service, engineering and logistics to medical equipment businesses. The company generates annual revenues of around €75m.

Advisers
Acquirer – XMS Capital Partners (corporate finance).

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• Topics
• Buyouts
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• Healthcare
• H2 Equity Partners
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