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Unquote
  • Expansion

August-backed Code acquires Isopharm

  • Katharine Hidalgo
  • Katharine Hidalgo
  • 22 June 2020
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August Equity portfolio company Code acquires Isopharm.

The two companies will be merged into a single entity. The firm acquired Code in November 2019, marking the 10th investment from August Equity Partners IV, which closed on £224m in 2017.

August was in conversation with Isopharm's management team for four years, who will stay on with the company and will retain stakes in it.

Isopharm

  • DEAL:

    Acquisition finance

  • LOCATION:

    Sheffield

  • SECTOR:

    Business training & employment agencies

  • FOUNDED:

    1999

  • STAFF:

    50

James Bakewell, an August Equity director, said: "The transaction was incredibly smooth, despite the coronavirus. Isopharm is in a very resilient market, with online training and compliance continuing through the Covid-19 outbreak. The investment is a reflection of our desire and ability as a fund to continue committing capital into sectors we know well over the coming months – both acquisitions and platform investments."

The acquisition creates market growth in the dental sector, while initiating Code's expansion into adjacent healthcare market verticals, said Christian Dube, a partner at August Equity.

Company
Isopharm is a provider of online training and other developmental activities. The business also provides software and services for validation and testing to a broad range of healthcare providers. Based in Sheffield and founded in 1999, the company employs 50 people.

People
August Equity
– Christian Dubé (partner); James Bakewell (director).
Code – Sati Sian (chairman).

Advisers
Acquirer
– 8Advisory (financial due diligence); PwC (commercial due diligence); Squire Paton Boggs (legal); CMS (legal).

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