Elysian makes 2.6x return on IPS sale

Elysian enjoyed a 2.6x money multiple on the sale.

The exit comes four years after Elysian first bought IPS (then Vertical Pharma Resources) in a management buyout, through its £110.65m Elysian Capital I fund.

Beechbrook Capital supplied a mezzanine loan and preferred equity investment to support the buyout. The debt and equity investment was made through Beechbrook's €151m Mezzanine Fund II.

Previous funding
IPS was acquired by Elysian in May 2010, when the GP bought the company (then Vertical Pharma) from its founders. The deal saw two of the original founders exit fully the business. Financing was provided by Clydesdale Bank.

Company
Founded in 2001, the Surrey-based pharmaceutical company produces unlicensed medicines. The products are created for patients who do not have any suitable licensed products available to them due to allergies to conventional ingredients, for example.

The company employs 54 people.

People
Ken Terry is the CEO of Elysian and worked on the deal alongside Beechbrook partner Paul Shea. Ashok Patel is the new owner of IPS.

Advisers
Vendor - CIL (Commericial due diligence).

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• Topics
• UK / Ireland
• Healthcare
• Exits
• Secondary buyout
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• Elysian Capital
• Beechbrook Capital