LDC, the UK’s leading mid-market private equity investor, has completed an £11million minority investment in Lucid Group Communications, a specialist provider of strategic medical communications services to global pharmaceutical companies.
Founded in 2007 by Jan Steele and Dennis O’Brien, who will both continue to lead the business, Lucid Group provides medical education, medical communication, strategic consultancy and digital services to clients to drive better disease and patient management.
The company has offices in London, Beaconsfield and NYC and employs over 100 people. With growth exceeding 30 per cent for the previous two years, it has built strong, sustainable partnerships with many of the world’s leading Pharma companies.
The investment will enable Lucid to continue to build infrastructure to support its rapid growth, ensuring that its services and offerings remain of the highest quality. It will also enable stronger market presence in the US, where the business launched in 2016. In addition, the investment will support Lucid to build its digital and creative capability, to broaden support for clients.
As part of the deal LDC investment directors Christian Bruning and Rob Apollo will join the board, with Tim Trotter appointed as Non-Executive Chairman. Tim currently holds a number of Chairman positions including PEI Media and he was previously founder, Chief Executive and Chairman of Ludgate Group, the international public and investor relations consultancy.
Dennis O’Brien, CEO of Lucid, said: “As the pharmaceutical sector landscape becomes increasingly complex and challenging, it’s more important than ever to ensure healthcare professionals are supported to make the correct interventions to improve their patient’s health, based on the latest evidence available.
“We felt the time was right to bring on board a strategic partner, and in LDC we have an experienced investor with a strong track record in the healthcare sector. From the outset, they have had a flexible approach to the investment, structuring the deal on terms that worked for us.
“We’re now best placed to maximise the growth potential of Lucid and solidify our position as thought leaders and innovators in the medical education market.”
Christian Bruning, Investment Director at LDC in London, said: “Lucid Group operates in a dynamic market and with global pharmaceutical players investing heavily in market research and development, it provides the business with a clear opportunity for growth, both at home and overseas.
“In Dennis, Jan and their management we have an experienced team at the helm of the business and we look forward to working alongside them to support the next phase of growth and expansion and to build further on the Lucid brand.”
The investment in Lucid marks LDC London’s fifth investment in the last 12 months, including Blue Bay Travel and Applied Composites Group.
Lucid was advised by Results Healthcare and Osborne Clarke. LDC was advised by Shoosmiths, RSM, BDO, Candesic and Matrix. HSBC provided banking facilities.View Lucid Group in Our Portfolio