No sum was disclosed for the acquisition of Medycyna, which provides outpatient medical care and diagnostic services to corporate and individual subscribers, insurers and patients under contract with the National Health Fund. The business services more than 300,000 patients through a network of 17 branded clinics and more than 200 affiliated private providers.
Anna Rulkiewicz-Kaczynska, chief executive officer of LUX-MED, an October acquisition for Mid Europa and Poland’s second-largest healthcare operation, has been appointed chief exec at Medycyna, while retaining her position at LUX-MED.
Andrew Steel led the BIMBO, having previously led the MBO of Altair Filtre Technology, which was sold to GE Energy in 2006. He will be joined by Peter Lewis (previously sales director of Altair) and non-executive chairman Bob Spender (previously CEO of a major international process and filtration business).
In the medical market Howorth designs, manufactures and installs ultra clean air systems and ancillary products for operating theatres. It currently has an installed base estimated to be more than 2,000 units-strong in the UK, Europe, the US and the Far East.
Pete Clarke, who led the deal for ISIS said: “We were attracted to Raglin because there was a strategic fit between the two companies. Like Paragon, Raglin has strong local authority relationships and a reputation for providing ‘supported living’ services to service users in its local market – St Helens, Southport, Formby and Liverpool. There was also a strong geographical fit as this deal extends Paragon’s reach beyond Greater Manchester and Lancashire and into Merseyside.”
Clarke added: “Our goal is to work with the Paragon management team to support and grow the company and ultimately position Paragon as a dominant player in the ‘supported living’ market in the North of England.”
The acquisition of Raglin by Paragon adds to ISIS’s wider portfolio of investments in this sector, including Care Management Group, Independent Living Services and Pathway. This transaction was jointly originated by Pete Clarke at ISIS and John Fowler of Brabners Chaffe Street. Yorkshire Bank provided the debt for the deal.
The bank’s growth equity team, led by Stephen Campbell, makes direct equity investments in a variety of businesses, from small technology companies to the largest public companies. These investments are made directly from the bank’s balance sheet, not from a fund, which gives it the flexibility to work with management teams.
Following Bank of Scotland’s investment, Pi Capital will gain access to the bank’s pipeline of growth equity deals, and a partner who can open doors for Pi members to a range of investments in other asset classes. For its part,