27 June 2024
Wilmington
plc
UK Healthcare Business sold
for £26.3 million
Wilmington plc (LSE: WIL,
"Wilmington" or the "Group"), the provider of data, information,
education and training in the global Governance, Risk and
Compliance markets, has sold its UK Healthcare Business for up to
£26.3 million to Inspirit Franklin Holdings Ltd, an entity
ultimately owned by funds managed by Inspirit Capital.
This transaction completes
Wilmington's sale of its European healthcare businesses, following
the disposal of the Group's French healthcare business, APM,
announced on 26 April 2024 for €26 million. The total consideration
across the two transactions is up to approximately £48.5
million.
The initial consideration of
approximately £21.3 million comprises approximately £4.8 million in
cash with the balance satisfied through the issue by the purchaser
of secured loan notes.
The total consideration will
increase by up to approximately £5.1 million, subject to the UK
Healthcare Business achieving certain EBITDA targets for the
financial year ending 30 June 2025 and will be satisfied by the
issue of additional loan notes. The loan notes will be for a term
of four years (subject to customary early redemption events) and
will carry a variable interest rate equal to the Bank of England
base rate.
The UK Healthcare Business includes
the entire issued share capitals of Wilmington Healthcare Limited
and Interactive Medica SL.
For the year ended 30 June 2023, the
UK Healthcare Business had gross assets of £34.1 million and
reported a profit before tax of £2.5 million.
The net proceeds of the disposal
will be used for the general corporate purposes of the
Group.
Mark Milner, Chief Executive Officer
of Wilmington, said:
"The disposal of our UK Healthcare Business completes our
divestment of our European healthcare businesses, at a combined
multiple of 10 times FY23 EBITDA.
"I
would like to thank the teams at APM and UK Healthcare for their
hard work over their time at Wilmington and wish them and their new
business owners the best for the future.
"The Group is now a high margin, pure-play platform, focusing
on Governance, Risk and Compliance ("GRC"), providing intelligence,
data, and training directly to customers who themselves operate in
regulated markets. We continue to strengthen the Group by seeking
high quality GRC assets that demonstrate our required
characteristics."
For further information,
contact:
|
Wilmington plc
Mark Milner, Chief Executive
Officer
Guy Millward, Chief Financial
Officer
Meare Consulting
Adrian Duffield
|
020 7490
0049
07990
858548
|
Notes to Editors
Wilmington plc is the recognised
knowledge leader and partner of choice for data, information,
education and training in the global Governance, Risk and
Compliance (GRC) markets. Wilmington employs close to 1,000 people
and sells to around 120 countries. Wilmington is listed on the main
market of the London Stock Exchange.