Clanwilliam Group, the fast-growing healthcare, technology and services group, has expanded into medical education following the acquisition of a UK company.
Obsidian Healthcare Group, which educates healthcare professionals on new drugs and clinical best practice, has changed hands for an undisclosed sum.
Clanwilliam recently completed a €200 million debt placement with Alcentra, an asset manager which is a subsidiary of Bank of New York Mellon. The Dublin-headquartered group is using the facility to refinance existing debt and to help with acquisitions in the short term. It has also earmarked an additional €100 million of “follow on capital” for future growth.
"Not only do we expect to see new opportunities in new markets as a result of our investment in Obsidian, but the addition offers the potential to build our reputation as a trusted intermediary between innovation, clinical need and patient outcomes, as we continue to expand our M&A ambitions," said Clanwilliam chief executive Howard Beggs.
Acquisitions and investments
Clanwilliam said last year it plans to spend €100 million on acquisitions and investments in healthcare tech and is primarily focused on companies generating in excess of €1 million and with a maximum transaction value of €40 million.
The company has operations across eight countries and expects to employ close to 1,000 staff by the end of this year.
Its new acquisition operates through two trading arms - Elements Communications and Connect2 CME.
"We will remain focused on delivering medical education based on scientific rigour, and at the same time enhancing our services by drawing on the digital technologies, expertise and resources of the wider Clanwilliam family," said Dr Wendy Mathias, founder and chief executive of Obsidian. Ms Mathias will stay on as Obsidian chief executive with Clanwilliam.