Fishawack Group has approved a management buyout that will see Lloyds Banking Group affiliate LDC make a considerable investment in the agency.
The deal values the scientific comms provider at 38 million pounds, with LDC committing further equity to support and accelerate Fishawack's growth strategy, including potential acquisitions.
“Fishawack has agreed to a 38 million pound management buyout by LDC, a move that will strengthen its ambitious growth strategy.“
Growth Capital Partners (GCP), who supported the management team in a secondary buyout in 2013, will now exit the business, having played a key role in its recent growth. Of the six acquisitions Fishawack has completed since its inception, three were with GCP's support.
Company founders Oliver Dennis and Dominic Miller will both continue to lead the Fishawack business, which is headquartered in Knutsford and employs more than 230 people. The agency operates across three sites in the UK, two in the US and one in Switzerland.
Mr Dennis, the chief executive officer of Fishawack, said: "We are an ambitious team and want to build on this further, continuing to strengthen our market-leading proposition and further building our presence internationally."
Fishawack has contracts with 15 of the world's top 20 pharmaceutical companies, including GlaxoSmithKline, Sanofi and Novartis.
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