UK mid-market private equity investor Inflexion Private Equity has made a 2.7x return on the sale of the Spanish arm of Healthcare Knowledge International (HKI) to UMB for an undisclosed sum.
The sale of Iberian-focused IASIST marks the end of Inflexion’s investment in HKI and follows the sale of the UK division of HKI to Capita Group for £11.6m. The sale is the sixth exit Inflexion has made through its 2003 fund which included the sale of Ilchester Cheese and Tekton last year and leaves four remaining investments in the fund.
HKI was originally acquired by Inflexion in 2004 for £13m. Following the acquisition, Inflexion claims the healthcare company’s revenue grew by 200% and the employee base doubled.
Managing partner of Inflexion, John Hartz said: “We are pleased that during the period of our ownership, IASIST has grown from a small base, offering a limited set of products and breaking even to becoming the principal of services to the healthcare organizations of Spain and Portugal. It is now in a position to move forward into its next stage of development and we wish the team success in the future.”
In the past year and a half, Inflexion has increased its investment team by 25% and is currently investing its 2006 fund.