Lucid Group acquires US-based DiD with support from HSBC UK
Healthcare communications company, Lucid Group, has acquired US-based strategic brand consultants, DiD, with support from HSBC UK. The acquisition is the largest in the history of the business and will augment the UK Headquartered group to become a 400 plus employee company.
DiD are a US-based medical communications consultancy agency, with a 17-year history in strategic branding, media buying and market strategy. The team of 140 employees has expertise across pharmaceutical, medical device and consumer healthcare brands. The agency also specialises in digital communications and data analytics.
The acquisition was supported by a multi-million funding package led and coordinated by HSBC UK.
By acquiring DiD, Lucid Group will be advancing growth plans by building on its existing transatlantic, integrated offering for a growing roster of new and existing healthcare clients.
Dennis O’Brien, Lucid Group CEO, said: “DiD have a wealth of talent and have built amazing client relationships during the last 17 years. The union of our people and capabilities brings us closer to achieving our ambition. This strengthens our ability to bring best-in-class capabilities across the US and global markets. Together, we will work with our clients to better understand and fix problems in healthcare by applying our integrated capabilities at the right time and executing brilliantly.”
Rick Sannem, DiD founder, added: “We are excited about our future and the ability to achieve so much more together. What stood out for us about Lucid was their track record of success and growth and that we share a very similar mission and vision for our businesses. It was also clear that our cultural ethos was aligned. This combination enables us to build stronger scientific and commercial campaigns, to truly partner in a deeper way across commercial and medical through scientific and creative conversations with our clients that brings their brand’s science to life.”
Rhys Jones, Head of Leveraged Finance, Western & Wales at HSBC UK, said: “Lucid Group continues to perform exceptionally well within the medical communications sectors and generate impressive levels of organic growth. HSBC UK has successfully supported the business since a MBO in June 2017 and acted as sole banker throughout this period of change. This acquisition signals an exciting new chapter for the group and we look forward seeing continued growth in the future.”