
Ardian sells stake in Envision
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.
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Czech Republic-headquartered family office is targeting DACH and CEE region deals
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Ex-Rocket Internet leader Bettina Curtze joins Swiss VC firm as partner and CFO
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Estonia-registered VC could bolster LP base with fresh capital from funds-of-funds or pension funds