News

News Icon

EMC ADVISES E-ZEC ON DEAL WITH CAIRNGORM CAPITAL PARTNERS

EMC Corporate Finance is delighted to have advised the shareholders of E-zec Medical Transport Services (“E-zec”) on the sale of the Group to Cairngorm Capital Partners LLP.

Established in 1998, E-zec provides a range of transport services to NHS Clinical Commissioning Groups. With a fleet of over 550 vehicles, the Company operates patient transport to and from healthcare settings, including specialist high dependency crews and ambulances for critical inter-hospital transfers. E-zec is also a leader in bariatric provision, offering a UK-wide bariatric ambulance service, supporting both emergency services and planned hospital visits. Headquartered in Redhill, E-zec employs 1,500 specialist staff across 31 depots and in 2020, achieved revenues of £50m.

Cairngorm Capital’s investment enables the retirement of Non-Executive Director and majority owner, Paul Swann. In line with its buy, build and transform investment philosophy, Cairngorm Capital will partner with E-zec’s executive team led by Managing Director, Andrew Wickenden. Its investment will allow E-zec to strengthen its data analytics and use the insights to deliver enhanced performance and innovation to commissioners and patients.

Paul Swann, majority owner of E-zec said, “Since 2015 we have grown E-zec from £6m of revenues to £50m in the latest financial year by putting patients first. I am extremely proud of all that the Team has achieved.

“It was a difficult decision to sell and it was important to find people who understood our philosophy and mission. EMC understood the importance of the legacy and ran a full process that resulted in a great outcome for all parties. Michael Pay and Michael Gibbs delivered above and beyond what we could have expected. Throughout the process their hand on approach and understanding of issues kept everyone focussed on the end goal and I would like to thank them both and the wider EMC team for their counsel, guidance and support all the way through – we could not have done it without them!”

Andrew Wickenden, Managing Director of E-zec added, “Michael Pay and Michael Gibbs were always on hand to tackle the key commercial negotiations. To have them both with us for the journey has been vital in closing the deal and achieving what we set out to do”.

Amit Thaper, Managing Director of Cairngorm said, “EMC did a terrific job in supporting the shareholders through the transaction.  The team were very commercial, collaborative and focused on delivering a good outcome for all parties involved.  We look forward to working with them on the next transaction.”

Michael Pay, Co-Founder and Director of EMC said, “As always it is a privilege to represent shareholders when they decide to sell their business and we are delighted for both Paul and Andy as well as for E-zec and Cairngorm.

“All transactions have their own foibles, but in this one there were multiple layers of complexity that everyone needed to be guided through to ensure the deal got done. It has been a pleasure to advise Paul and Andrew throughout the transaction.”

Michael Gibbs, Director of EMC added, “This is a hugely satisfying deal to get over the line given the financial and commercial complexities that were overcome. The commitment from both sides was vital and we wish both parties the best for a successful partnership going forward”.

E-zec was advised by EMC Corporate Finance (lead advisers and transaction support), Rawlinson & Hunter (tax) and DMH Stallard (legal). Cairngorm Capital was advised on this transaction by PwC (financial and tax), Gowling WLG (legal), CIL Consultants (commercial), Willis (insurance), Equator (IT), Political (WA Communications).

For more information please visit the E-zec website: www.e-zec.co.uk

Back to all news