EPE Special Opportunities PLC Portfolio Update (3283J)
29 March 2018 - 5:02PM
UK Regulatory
TIDMESO TIDMEO.P TIDMEC.P TIDMEL.P
RNS Number : 3283J
EPE Special Opportunities PLC
29 March 2018
EPE Special Opportunities plc
29 March 2018
This announcement contains inside information
EPE Special Opportunities plc
Portfolio Update
EPE Special Opportunities plc ("ESO plc", or the "Company")
announces that Pharmacy2U Limited ("P2U"), a company in which it
has a minority investment via ESO Investments 1 LP ("ESO 1 LP"),
has raised a further GBP40 million of new growth capital to support
the rapid expansion of its online NHS repeat prescription
service.
P2U is England's leading online NHS pharmacy and is the fastest
growing pharmacy group in the country, with 25,000 new patient
registrations in the last month alone and year-on-year growth in
patient numbers of 178%.
As well as offering consumers increased choice and convenience,
P2U's online prescription management service is highly beneficial
for the healthcare economy, saving GPs an estimated six hours and
40 minutes a week on paperwork. It is estimated that managing
repeat prescriptions online could save the NHS over GBP300 million
per year on prescription costs.
The growth capital raise was led by G Square Capital, a European
private equity firm focussed on the healthcare sector. In
conjunction with the new investment, G Square Capital also acquired
a majority of the share capital of P2U from existing shareholders
and as a result is now the majority shareholder.
The new investment will allow P2U to invest further in
technology infrastructure to support customer demand and remain at
the forefront of innovation in digital pharmacy services. P2U's
state-of-the-art, award winning dispensing facility in Leeds is
already the largest and most technologically advanced in the United
Kingdom, with the ability to dispense one million prescription
items per month.
ESO 1 LP has realised 50% of its existing investment in P2U in
the transaction, implying a 2.0x Money Multiple realised return.
The transaction was completed at a premium to the holding value of
P2U. The remaining 50% of ESO 1 LP's investment has been retained
to benefit from the growth potential in P2U offered by the GBP40
million investment. This retained investment offers further upside
in terms of Money Multiple returns to ESO 1 LP
The person responsible for releasing this information on behalf
of the Company is Hilary Jones of R&H Fund Services (Jersey)
Limited.
Enquiries:
EPIC Private Equity LLP +44 (0) 207 269 8865
Alex Leslie
R&H Fund Services (Jersey) +44 (0) 1534 825 323
Limited Hilary Jones
Cardew Group Limited +44 (0) 207 930 0777
Richard Spiegelberg
Numis Securities Limited +44 (0) 207 260 1000
Nominated Advisor: Stuart Skinner / Hugh
Jonathan
Corporate Broker: Charles Farquhar
This information is provided by RNS
The company news service from the London Stock Exchange
END
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