ECI makes 2.1x on Ascribe exit

ECI took Ascribe private from AIM in December 2008 for a total consideration of £33.3m. The delisting enabled the company to operationally integrate acquisitions it had made while a public entity.

During the holding period, ECI supported Ascribe through investment in its software development to take advantage of the post-National Programme for IT healthcare market. The result has been favourable growth in software sales and orders, according to the GP. ECI also supported the company's expansion overseas.

Emis supplies clinical software and related services to GP practices and other primary and community healthcare practitioners.

Company
Around 70% of NHS Trusts in the UK, as well as healthcare providers in Hong Kong, Malaysia, Australia and New Zealand, use Ascribe's services, which include e-prescriptions, pharmacy, mental health, patient administration and A&E systems.

In the year to 30 June 2012, Bolton-based Ascribe posted revenue of £34m, EBITDA of £6.2m and operating profit of £3.8m. In the year to 30 June 2013, the company's revenue held steady at £24m while operating profit came in at £4.3m. Around 15% of Ascribe's turnover is generated overseas.

People
David Ewing is managing partner at ECI and Charlie Johnstone is a partner at the firm. Stephen Critchlow is Ascribe's CEO. Chris Spencer is CEO of Emis.

Advisers
Company – Altium, Adrian Reed (Corporate finance).
Acquirer – Numis Securities, Michael Meade, Simon Willis (Corporate finance).

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• Topics
• Exits
• Healthcare
• UK / Ireland
• ECI Partners
• Trade sale