Summit buys 18 Week Support

Tower 18 Bidco has been listed as a person of significant control for the asset since March 25, with Summit’s Thomas Tarnowski and Luke Parsons listed as officers on the bidco.

The Houlihan Lokey led auction entered its final round in December 2021, as reported by Unquote’s sister publication Mergermarket, with Synova, Sovereign Capital and MML Capital Partners among the bidders.

The business was marketed off GBP 10m EBITDA, as reported, although there were some questions around the due diligence, said three sources, with the quality of the EBITDA lower than positioned, one of the sources said.

18 Week Support insources acute and outpatient care as well as diagnostics for over 80 NHS trusts in the UK. The company was owned by founders and management Alexander Chilvers and Conal Perrett.

In the year to March 2021, the company had revenue of GBP 29.6m with an adjusted EBITDA of GBP 4.7m, according to the latest filed accounts.

Summit Partners and 18 Week Support did not respond to a request for comment.

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