Ardian sells stake in Envision

Katharine Hidalgo
08 July 2020

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Ardian has sold its stake in Envision Pharma to co-owner GHO Capital.

The deal valuation is expected to be an EBITDA multiple of 15-19x, according to a report from Unquote sister publication Mergermarket. A previous report also speculated the company would have a valuation of $500m.

Ardian and GHO have been exploring options with advisers for the sale of Envision since May, following inbound interest, according to reports.

Ardian's LBO Fund V is said to have been the largest shareholder in the company prior to the sale, though whether it held a majority share is unclear. The fund closed on €2.8bn in October 2013 and has realised several assets, including IRCA Group, Schleich and Trescal.

GHO is currently investing from GHO Capital II, which closed on €975m in November 2019 and writes equity cheques of €25-125m.

Previous funding
In June 2013, Halifax Group acquired a majority stake in the company along with the management.

Ardian and GHO acquired the company from Halifax in 2016 for an estimated EV of £200-250m.

Capital for the transaction was drawn from Ardian's latest mid-cap buyout fund, LBO Fund V, which held a final close on €2.41bn in October 2013.

GHO was investing from its debut fund, which closed on €660m in November 2016, at the time.

Company
Founded in 2001, Envision is headquartered in Horsham, West Sussex, and employs around 800 people across 14 offices worldwide. It is a medical communications and strategy agency with additional service lines across software, market access, patient engagement and regulatory writing.

Envision is projected to make around $40m EBITDA this year, demonstrating growth from $35m in 2019 and $30m in 2018.