Medical comms specialist buys US agency
KNUTSFORD-based medical communications business Fishawack has bought US healthcare communications agency Nexus Communications.
Fishawack has worked with the Philadelphia-based business on projects in the past, and the acquisition will see that business trade under its name, as part of the Fishawack group of companies.
Oliver Dennis, principal founder of Fishawack Communications, said: “This is the logical next step for both businesses and gives Fishawack a strategically vital presence in the USA that will better equip the company to support its US-based clients.”
Mike Caso, principal founder of Nexus Communications, will continue to run the US business.
He said: “We could only have done this with Fishawack as we have the same core services united by a similar approach to delivery and similar corporate cultures.”
Fishawack underwent a £6m management buyout in January 2008, with £2.55m from funds managed by YFM Private Equity and debt from the Co-operative Bank.
YFM’s Chandos Fund and British Smaller Companies VCT have now invested a further £600,000 to support the company’s acquisition.
Michael White, investment director at YFM Private Equity, said: “This is the first step in a buy-and-build strategy that will see the Fishawack Group of Companies expand to become the leading independent medical communications agency in the UK.”
Fishawack has offices in Knutsford and Abingdon, and its clients include Sanofi-Aventis, GlaxoSmithKline, AstraZeneca, Bayer Healthcare and Pfizer.
Langtons of Liverpool provided corporate finance support, while the Liverpool offices of Hill Dickinson and Halliwells managed the legal aspects of the transaction.
