GHO, co-investors complete Envision deal

The deal was announced back in July. GHO, the existing Envision management team and employees have increased their stakes in the scientific communications company.

In addition, a consortium of GHO's investors headed by Mubadala Investment Company, including HarbourVest Partners and Northwestern Mutual, also took part in the transaction by way of a co-investment.

GHO is the lead, control investor, with management and employees holding a very significant stake, according to a source close to the situation. Ardian has now fully exited the business, which was its first ever buyout in the UK.

Envision's current lenders returned to arrange a new facility as part of the transaction, the source added.

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

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

Ardian's LBO Fund V was the largest shareholder in the company prior to the sale. 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 at the time from its debut fund, which closed on €660m in November 2016.

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.

Advisers
Equity – Ropes & Gray (legal); Alvarez & Marsal (tax, SPA advisory).
Vendor – Rothschild & Co (M&A); Weil Gotshal & Manges (legal).
Company – Irwin Mitchell (legal); EY (financial due diligence).

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• Topics
• Buyouts
• Exits
• UK / Ireland
• Media
• Ardian (formerly Axa PE)
• Secondary buyout
• Co-investments