ICG acquires Lucid Group from LDC

ICG intends to support Lucid's growth and further expansion across geographies, with a particular focus on the US. 

The deal ends a four-year holding period for LDC, which originally backed Lucid's co-founders Dennis O'Brien and Jan Steele by investing £11m in exchange for a minority stake in the business.

Under LDC's ownership, Lucid acquired two specialist agencies – Bluedog in February 2019 and HealthCare 21 in September 2019 – and expanded internationally, launching into new markets in Singapore and Dubai, and further expanding in the US. Revenues grew from £12m in 2016 to more than £29m in 2019.

Company
Founded in 2007 and headquartered in Loudwater, Buckinghamshire, Lucid provides communications, research and consultancy services to pharmaceutical companies.

The company has offices in London, Beaconsfield and New York, with a total headcount of around 250.

Lucid generated turnover of £29m in 2019.

People
Intermediate Capital Group – Peter Kirtley (managing director).
LDC – Christian Bruning (director).
Lucid Group – Dennis O'Brien (CEO).

Advisers
Vendors – Rothschild (corporate finance); Osborne Clarke (legal); RSM (financial due diligence); Candesic (commercial due diligence); Matrix (insurance due diligence).

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