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5th Mar

Ashtons Hospital Pharmacy Services (Ashtons) has secured a significant investment from mid-market private equity investor LDC with the help of EMC Corporate Finance. The deal will help the existing management team to drive organic growth, further develop its software services, and expand its pharmaceutical warehousing and distribution infrastructure.

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 per cent to reach £18.7million in 2019, and the company currently employs 90 staff. LDC’s investment will support the business’s organic growth strategy, as it continues to develop its infrastructure and distribution network and enhance its technology platform.

LDC is backing the business’s experienced management team of CEO Yachna Tak, Chief Pharmacist Martin England, and Financial Director Keith Hersee. The deal also marks an exit for the Founder, Laurence Sprey.

The investment was led by LDC Director Christian Bruning and Investment Director Joe Tager, who will both join the board.

Laurence Sprey commented: “We have worked with EMC for over four years and the team have been instrumental in guiding us through a number of operational challenges as well as leading us through the complexities of private equity investment. Nik Askaroff and Michael Pay both demonstrated why EMC is the leading Corporate Finance and Business Advisory firm in the South East and I will not hesitate in recommending them to anyone wanting to go through a similar process.”

Yachna Tak, CEO of Ashtons Hospital Pharmacy Services, said: “LDC’s investment and support will help us further develop our market-leading proposition, enabling our clients maintain the best practices and professional standards in medicines management and the highest quality of patient care. We were supported throughout the process by EMC whose knowledge, skill and professionalism shone through.”

Nik Askaroff said: “We started working with Ashtons over four years ago and it’s always wonderful to see the plan come together. A wonderful legacy for the founder and a great future for the Company and all the staff.”

Michael Pay continued: “As always the complexities of a private equity transaction brought challenges that needed careful discussions to make sure that all parties understood the key issues and suggested resolutions. It was a pleasure to work Laurence and the other parties and we are delighted to see Yachna and the Team take the business forward with LDC’s support.”

Banking facilities were provided by Silicon Valley Bank

Ashtons was advised by EMC Corporate Finance (Lead Advisory), DMH Stallard (Legals) and PwC (Tax).

Management were advised by EMC Corporate Finance (Advisory) and Osborne Clarke (Legals) and PwC (Tax).

LDC was advised by Clearwater, BDO (financial and tax), DLA (legal), Candesic (commercial due diligence) Intechnica (IT) and Matrix (Insurance).

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