Elysian supports Wellbeing MBO

Alice Murray
04 February 2014

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Elysian Capital has backed the management buyout of healthcare IT business Wellbeing Software Group.

The new funding will be used to expand the company's product range.

Elysian invested through its maiden vehicle, Elysian Capital I.

Debt
Lloyds Bank Commerical Banking's acquisition finance team provided a senior loan and a working capital facility.

Company
The group is divided into three business units: HSS, EuroKing and Apollo.

Mansfield-based HSS provides radiology software. It has deployed radiology information services to 59 individual NHS hospital trusts.

Chertsy-based EuroKing supplies hospital maternity systems. The business recently introduced CTG monitoring to its range of services.

Apollo is based in Sunderland and provides a primary care data extraction service. It has software installed across 85% of UK GP systems, which enable a range of national and local clinical audits.

People
Craig Smith is CEO of Wellbeing. Edward Brett is partner at Elysian.

Advisers
Equity - Catalyst Corporate Finance (Corporate finance); Speechly Bircham (Legal); Alverez & Marsal (Financial due diligence); CIL (Commercial due diligence); Aon Group (Insurance due diligence); Intuitus (IT due diligence).