Information and data firm Wilmington has sold its UK healthcare unit for up to £26.3m, completing the divestment of its European healthcare businesses.
The London-listed firm announced on Thursday that the deal with Inspirit Franklin Holdings, linked to private equity firm Inspirit Capital, would involve an initial £21.3m for the division.
Under the deal, the consideration will increase by up to roughly £5.1m subject to the UK business achieving certain earnings (EBITDA) targets for the financial year ending on 30 June, 2025.
This transaction marks the end of Wilmington’s European healthcare business disposals. The firm announced in April that it had sold its French healthcare unit, APM, for €26m (£22.2m) in cash.
The two transactions are worth up to £48.5m in total and were sold at a combined multiple of 10 times their EBITDA for the 2023 financial year.
Wilmington previously sold its mortality data business MiExact in a deal worth £9.6m in February.
The UK healthcare business reported a pretax profit tax of £2.5m for the 12 months ending on 30 June, 2023, while its gross assets stood at £34.1m.
The firm said the net proceeds of the latest disposal would be used for “general corporate purposes”.
Mark Milner, Wilmington’s chief executive, said: “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.”
Wilmington’s shares rose nine per cent in early trading on Thursday.