Clearwater International has advised private equity investor LDC on its investment in Ashtons Hospital Pharmacy Services (Ashtons), which will enable the existing management team to drive organic growth, further develop its software services, and expand its pharmaceutical warehousing and distribution infrastructure.
In association with the transaction, the Clearwater International Debt Advisory team advised LDC in raising acquisition finance from Silicon Valley Bank (SVB).
Headquartered in Brighton, Ashtons provides medicine management solutions to the UK independent healthcare sector and its services include clinical pharmacy support and the supply of medication.
Through its nationwide network of specialist clinical pharmacists and bespoke software technology, Ashtons’ services help clients to comply with healthcare regulations, professional and best practice requirements regarding medicine management.
In the last three years, Ashtons’ revenues have increased by 70% to reach €21.4m (£18.7m) in 2019, and the company currently employs 90 staff. LDC’s investment will support the business’ organic growth strategy, as it continues to develop its infrastructure and distribution network and enhance its technology platform.
The Clearwater International deal team consisted of Partner and International Head of Business Services Marcus Archer, Director and International Head of Healthcare Ramesh Jassal, Associate Director Will Arnold and Executive Carly Sinicrope. Debt advisory support was provided by Partner Chris Smith and Director Lachlan Dorrity.
Christian Bruning, Director at LDC said: “Yachna and her team at Ashtons have built a thriving business model with a loyal customer base and the potential to grow into new markets. With more than 20 years’ experience each, the management team know the sector inside out and clearly value the role technology and software play in improving the services they offer. We are looking forward to supporting the team on the next stage of its growth journey.”
Yachna Tak, CEO of Ashtons, said: “We have developed a market-leading proposition so that our customers can better support their patients through our outsourced pharmacy service and bespoke software solutions. LDC’s investment and support will help us further improve our proposition, enabling our clients to maintain the best practices and professional standards in medicines management and the highest quality of patient care.”