Ashtons secures investment from LDC
We are delighted to announce that Ashtons has secured a significant investment from mid-market private equity investor LDC. The deal will help our existing management team to drive organic growth, further develop our software services, and expand our warehousing and distribution infrastructure.
Ashtons’ clients receive a comprehensive range of medicines management solutions, including clinical pharmacy support and the supply of medication. Through our nationwide network of specialist clinical pharmacists and bespoke software technology, our services help clients to comply with healthcare regulations, and professional and best practice requirements regarding medicines management.
In the last three years, Ashtons’ revenue has increased by 70 per cent to reach £18.7 million in 2019, and the company currently employs 90 staff. LDC’s investment will support our organic growth strategy, as we continue to develop our infrastructure and distribution network and enhance our technology platform.
LDC is backing Ashtons’ experienced management team of Chief Executive Officer Yachna Tak, Chief Pharmacist Martin England and Financial Director Keith Hersee. The deal also marks an exit for Ashtons’ Founder, Laurence Sprey.
“LDC’s investment and support will help us further improve our proposition, enabling our clients to maintain the best practices and professional standards in medicines management and the highest quality of patient care.” Yachna Tak, CEO
The investment was led by LDC Director Christian Bruning and Investment Director Joe Tager who will both join the board. As part of the deal, software specialist Mark Goddard, joins as Chairman. Mark has experience of developing fast-growing software businesses and was previously the CEO of LDC-backed The Property Software Group.
Yachna Tak, CEO of Ashtons, said: “We have developed a market-leading proposition so that our customers can better support their patients through our outsourced pharmacy service and bespoke software solutions.”
Christian Bruning, Director at LDC, added: “Yachna and her team at Ashtons have built a thriving business model with a loyal customer base and the potential to grow into new markets. With more than 20 years’ experience each, the management team know the sector inside out and clearly value the role technology and software play in improving the services they offer. We are looking forward to supporting the team on the next stage of its growth journey.”
LDC’s investment in Ashtons adds to its strong heritage in the healthcare sector. LDC has invested in excess of £275 million to partner with more than 35 healthcare firms. Recent investments include healthcare communications specialist Lucid Group and medical communications and marketing organisation Fishawack. Other successful partnerships include Quantum Pharmaceuticals which exited via IPO in 2014, as well as pharmaceutical manufacturer Penn Pharma and leading clinical trials business Synexus.