Ascribe MBO in fine fettle
Article Date: Dec 17 2008Healthcare IT business Ascribe Plc has been bought by its management for £33.3 million. The deal, which will see the company leave AIM early next year and return to management hands, was backed by ECI and Yorkshire Bank’s Corporate & Structured Finance team.
The MBO was led by Stephen Critchlow, chief executive officer, together with Chris Dickson, chief operating officer, and Jeremy Lee, financial director.
Ascribe is a provider of clinically-focussed IT services to the healthcare market. Its trading performance in the year ended June 2008 showed a turnover of £17.4 million and post-tax profits of £2.9 million.
Critchlow commented: “I am delighted we have been able to fund this buy-out in such a challenging environment. This not only allows us to offer our shareholders a premium for their shares, but also allows us to finance our business plan appropriately, both by making careful investment in a common product, sales and implementation strategy and by having significant funds for further acquisitions.”
“With the support of ECI and Yorkshire Bank, Ascribe will have access to significant growth capital to execute further acquisitions and continue with its ambitious growth strategy.”
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