MML acquires Energy Medical Services

As part of the deal, MML rebranded the company as Iqarus. The company's CEO, Tim Mitchell, invested alongside the GP. Mitchell also led MML's former investment FrontierMedex prior to its sale to United Healthcare in 2014.

MML invested in Energy Medical Services as a platform for international development and plans a number of acquisitions.

The deal came to a conclusion following a targeted sale process, after Capita hired Smith Square Partners to find a suitable buyer. The acquisition was not leveraged.

Company
Founded in the 1970s and based in Aberdeen, Iqarus provides offshore medical support and occupational health, for example to people working on oil and gas platforms. The company helps clients centralise their data gathering and standardise their medical support. It employs 240 people and most recently posted a £20m turnover.

People
Ian Wallis, Luke Jones and Rob Devonshire executed the deal for MML. Jones and Devonshire will join the board of Iqarus.

Advisers
Equity – PwC, James Tubby (Financial due diligence);Matthew Woolgar, Jessica Yin (Tax); Pinsent Masons, Edward Stead, Jonathan Kirkwood (Legal); Calash, Ewen Maclean, George Maitland, Robert Neves (Commercial due diligence); Marsh, Paul Stevens (Insurance due diligence); Lincoln International, Phillip McCreanor, Matthew Buck (Corporate finance); Deverill, Mark Thomas (IT due diligence).
Vendor – Smith Square Partners, Sylvester Oppong (Corporate finance); Eversheds, Jonathan Cox-Brown (Legal).
Company – HBJ Gateley, David Kirchin, Mike Scott (Legal).

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• Topics
• Healthcare
• Buyouts
• UK / Ireland
• United Kingdom
• MML Capital Partners