LDC acquires stake in healthcare company Ashtons

The investment was led by LDC director Christian Bruning and investment director Joe Tager, who will both join the board. As part of the deal, software specialist Mark Goddard also joins as chairman.

LDC is backing the comapny's management team, made up of CEO Yachna Tak, chief pharmacist Martin England and financial director Keith Hersee. The deal marks an exit for the founder Laurence Sprey.

Silicon Valley Bank provided a debt facility for the deal.

LDC's investment will support Ashtons' organic growth strategy, as it continues to develop its infrastructure and distribution network, and enhance its technology platform.

Company
Headquartered in Brighton and incorporated in 2005, Ashtons provides medicine management services to the UK independent healthcare sector, including clinical pharmacy support and the supply of medication. The company employs 90 members of staff. According to Ashtons, its revenues have increased by 70% over the last three years to £18.7m in 2019.

People
LDC – Christian Bruning (director); Joe Tager (investment director); Mark Goddard (chairman).
Ashtons – Yachna Tak (CEO); Martin England (chief pharmacist); Keith Hersee (financial director).

Advisers
Equity – Clearwater International (corporate finance); BDO (financial due diligence, tax); DLA Piper (legal); Candesic (commercial due diligence); Intechnica (IT due diligence); Matrix (insurance due diligence).
Company – Osborne Clarke (legal); EMC (financial due diligence); DMH Stallard (legal); PwC (financial due diligence).

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• Topics
• Buyouts
• UK / Ireland
• Healthcare
• United Kingdom
• LDC