LDC, which is the private equity arm of Lloyds Banking Group, has completed a minority investment in PAM Group.
Mid-market private equity firm LDC has completed a minority investment in a Warrington-based preventative healthcare specialist to help the existing management team to drive organic growth and support a series of new product launches.
Employing a 400-strong workforce, PAM is one of the largest occupational health and wellbeing providers in the UK. It offers occupational health programmes to clients which include blue-chip and public sector organisations, supporting more than 600,000 employees at in excess of 1,000 businesses.
Services include absence management, health surveillance, physiotherapy, employee assistance programmes, psychological support, corporate health assessments and neurodiversity assessments.
The partnership with LDC will support PAM in achieving its growth strategy to further enhance its services.
LDC is backing the existing management team, led by founder and chief executive James Murphy. Under his leadership, PAM has delivered significant growth since it was founded in 2004, recording turnover of £29m in 2020.
Former Capital chief executive Andy Parker joins PAM’s board as a non-executive chairman as part of trhe transaction.
The investment was led by Aziz Ul-Haq, Richard Ibbett and Grant Goodwin at LDC in Manchester. As part of the transaction, Ul-Haq and Ibbett will also be joining the board.
James Murphy said: “Over the last 17 years, PAM has gone from strength to strength and has become the industry leader in occupational health, supporting the wellbeing of thousands of employees across the UK. We chose to partner with LDC to further develop the services we provide our clients and, more importantly, their people.
“We really like LDC’s collaborative approach to private equity investment and are looking forward to having their counsel on our board. Their track record in supporting healthcare businesses to grow speaks for itself. We can’t wait to see what we will achieve together.”
Aziz Ul-Haq added: “Employers are placing more importance than ever on the health and wellbeing of their employees. James and his ambitious team have established PAM as the go-to provider of holistic employee health and wellbeing programmes. When they came to LDC with a clear strategy for the business’ next phase of growth, we knew it was a team we wanted to back.”
LDC was advised by Grant Thornton and DWF. Dow Schofield Watts provided financial due diligence, and PMSI provided commercial due diligence. The management team was advised by Hill Dickinson.
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