“Medi-Globe is now performing strongly both financially and operationally, driven by the ongoing successful execution of our growth strategy. Martin Lehner, CEO at Medi-Globe Group, commented: Our investment in Medi-Globe represents a classic Duke Street deal: an attractive entry multiple we delivered by seeing through a complex process working with exceptional management to invest in growing the business swiftly and successfully during our period of ownership and adding international expansion and securing an exit to trade, taking Duke Street’s recent record to twelve trade sales out of our last fifteen exits.” The positive development in business quality and growth has been recognised by DCC who see Medi-Globe as a key element of their strategic drive into healthcare. Under our ownership, management has delivered a significant transformation across the business, involving investment across R&D, sales and marketing, and manufacturing. “We are very pleased to announce the sale of Medi-Globe. This work was alongside strategic refinement such as the sale of the non-core hospital supplies division Asid Bonz earlier this year to Medline International.Ĭharlie Troup, Managing Partner at Duke Street, commented: Together with management, Duke Street’s stewardship of the business has driven significant operational improvement and accelerated growth rates of new products and into new markets. Since acquiring the business, Duke Street has backed the highly experienced management team – who will continue to lead the business post-transaction – to execute a strategy based on launching leading new products in its core therapeutic areas, and to consolidate and extend Medi-Globe’s international reach. The transaction was complex, with a complicated shareholder structure in place, and the deal took close to a year to execute. iCI is endorsed by the UN-sponsored Principles for Responsible Investment (PRI).ĭuke Street invested in the business in 2016, following a two-year period of origination focussed on the medical devices sub-sector. We review our approach to ESG regularly to ensure that it continues to reflect best practice.Īs part of our commitment to actively address climate risks, Duke Street is a signatory to the Initiative Climate International (iCI), a global private equity initiative focused on cross-sector collaboration to develop pragmatic solutions to address climate change and, in particular, reduce carbon emissions of portfolio companies. Implemented effectively, they help us to protect and enhance reputation and financial performance whilst creating stronger, more valuable companies which can create benefits for all stakeholders: from employees to customers, suppliers to shareholders, and the wider community at large. We believe that robust and well-implemented ESG policies and practices contribute directly to the long-term success and sustainability of our portfolio companies. See our Portfolio for a more in-depth analysis of these and further Services investments.Īt Duke Street we consider environmental, social and governance (ESG) issues throughout the investment decision-making process and life-cycle. Investments we have made in this sector include Ardent Hire Solutions, a heavy equipment hire business, Payzone, a consumer payments business, and the specialist pensions group Xafinity. We have considerable experience in the sector, complemented by a large network of industry contacts. We partner with best-in-class management teams providing support, capital and expertise where this is required and materially adds value. We are particularly attracted where there is the potential for operational improvement as well as organic growth. We identify macro trends that will drive above average market growth, and then back businesses providing value added skills and products to their customers in those markets. The services sector encompasses a wide range of sub-sectors, each subject to its own dynamics but often with outsourcing as a key driver. We invest in services businesses with the potential for operational improvement and rapid growth
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