REG - Wilmington PLC - UK Healthcare Business sold for £26.3 million

WilmingtonAnnouncement

27/06/2024 07:00

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RNS Number : 0551U  Wilmington PLC  27 June 2024

27 June 2024

 

Wilmington plc

 

UK Healthcare Business sold for £26.3 million

 

Wilmington plc (LSE: WIL, "Wilmington" or the "Group"), the provider of data,
information, education and training in the global Governance, Risk and
Compliance markets, has sold its UK Healthcare Business for up to £26.3
million to Inspirit Franklin Holdings Ltd, an entity ultimately owned by funds
managed by Inspirit Capital.

 

This transaction completes Wilmington's sale of its European healthcare
businesses, following the disposal of the Group's French healthcare business,
APM, announced on 26 April 2024 for €26 million. The total consideration
across the two transactions is up to approximately £48.5 million.

 

The initial consideration of approximately £21.3 million comprises
approximately £4.8 million in cash with the balance satisfied through the
issue by the purchaser of secured loan notes.

 

The total consideration will increase by up to approximately £5.1 million,
subject to the UK Healthcare Business achieving certain EBITDA targets for the
financial year ending 30 June 2025 and will be satisfied by the issue of
additional loan notes. The loan notes will be for a term of four years
(subject to customary early redemption events) and will carry a variable
interest rate equal to the Bank of England base rate.

 

The UK Healthcare Business includes the entire issued share capitals of
Wilmington Healthcare Limited and Interactive Medica SL.

 

For the year ended 30 June 2023, the UK Healthcare Business had gross assets
of £34.1 million and reported a profit before tax of £2.5 million.

 

The net proceeds of the disposal will be used for the general corporate
purposes of the Group.

 

Mark Milner, Chief Executive Officer of Wilmington, said:

 

"The disposal of our UK Healthcare Business completes our divestment of our
European healthcare businesses, at a combined multiple of 10 times FY23
EBITDA.

 

"I would like to thank the teams at APM and UK Healthcare for their hard work
over their time at Wilmington and wish them and their new business owners the
best for the future.

 

"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."

 

For further information, contact:

 

 Wilmington plc                          020 7490 0049

 Mark Milner, Chief Executive Officer

 Guy Millward, Chief Financial Officer

 Meare Consulting                        07990 858548

 Adrian Duffield

 

Notes to Editors

 

Wilmington plc is the recognised knowledge leader and partner of choice for
data, information, education and training in the global Governance, Risk and
Compliance (GRC) markets. Wilmington employs close to 1,000 people and sells
to around 120 countries. Wilmington is listed on the main market of the London
Stock Exchange.

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