Pharma comms firm does first deal after PE-backed MBO
Knutsford-based Fishawack Group, a provider of scientific marketing and communication services to global pharmaceutical companies, has bought a US healthcare marketing business for an undisclosed sum.
As well as Carling Group, which includes Carling Communications, the deal includes MCME Global, a provider of medical education services. Both businesses are headquartered in San Diego.
Founded in 2010 by Didi Discar, and with offices in San Diego and London, Carling has a team of more than 100 people specialising in full-service marketing, advertising and physician communications for the pharmaceutical, biotechnology and medical device industries.
The deal is Fishawack’s first acquisition since private equity firm LDC backed the £38m mangement buyout of the business in January this year and will see the number of Fishawack Group employees rise by around 70 to more than 300 people.
Oliver Dennis, chief executive of Fishawack, said: “Through creative agency Carling Communications we’re now able to offer clients a comprehensive healthcare marketing service for the first time, while the addition of MCME bolsters our medical education offering. This deal marks the seventh strategic acquisition during our 16-year history and a significant step in the expansion of our reach, capabilities and client base.”
Didi Discar, principal at Carling Group, said: “Our skills complement each other and provide synergies that will significantly benefit current and future clients, while building on our shared vision of excellence, integrity and respect. As part of the Fishawack Group we join a truly global network. This is not only a boost for our ability to provide expanded client support, but also for career and development opportunities for both Carling and Fishawack employees.”
Simon Braham, investment director at LDC, said: “Over the past six months we have been working closely with Oliver and his team to implement their growth strategy. With the acquisition of the Carling Group, Fishawack has not only strengthened its foothold in the US, the largest market for the global pharmaceutical sector, but bolstered its position as one of the world’s largest full-service medical communications groups.
“This is a major milestone for Fishawack and we look forward to continuing to support the team as they deliver their growth ambitions.”
Fishawack was founded in 2001 by Oliver Dennis and Dominic Miller, who both continue to lead the business. The company made a pre-tax loss of £1.5m on a turnover of £25.3m for the year to the end of March 2016, latest accounts show.
BDO provided buy-side M&A advice ont he deal and financial due diligence; KPMG provided tax advice; Clearwater International provided debt advice and Candesic provided commercial due diligence. Hill Dickinson, Foley & Lardener in the US and Addleshaw Goddard provided legal advice. Orricks in San Diego advised Carling management.
