Management buyout at Medical Connections Ltd
Date: November 18th 2019
We are pleased to announce that DJM’s Corporate Department have recently acted in the management buy-out of the South Wales based Medical Connections Ltd. Medical Connections Ltd is a world leading provider of AI services, Consultancy services, custom development and Digital Imaging and Communications in Media (DICOM) systems and testing to its international client base. Medical Connections Ltd has been recognised as a global leader in facilitating the development of healthcare IT systems.
The existing management team at Medical Connections were able to purchase the entire share capital of Medical Connections Ltd with substantial (but undisclosed) funding for the transaction being provided by the Development Bank of Wales.
Medical Connections was founded in 1998 by the late Doctor David Harvey. Doctor David Harvey was consultant Radiologist who was interested in ensuring improved patient care through management systems. Sheraz Akram stated “the transaction is an important one for Doctor David Harvey’s legacy and secures the business as a Welsh based world renowned operation. The company could easily have become yet another to add to the list of Welsh based companies purchased by overseas buyers, which all too often leads to relocation of the business knowledge and wealth creation associated with that business. Medical Connections is genuinely well regarded internationally and potential acquirers were extremely interested in pursuing the opportunity but I am sure that Doctor David Harvey would have approved of the management team taking the business forward.”
Also acting on advising the selling shareholders on the transaction with DJM’s corporate team were the team at Bevan Buckland LLP who dealt with the structuring, accounting and tax aspects of the transaction. Lee Bradley of Bevan and Buckland commented that “the transaction was complex and multi-facetted and therefore took some time to structure but once the initial groundwork had been completed the transaction moved swiftly to completion. The outcome was extremely pleasing for us given that we have been involved with Medical Connections Ltd and its late founder Doctor David Harvey for some time so we have seen the business go from strength to strength over the years so being involved in ensuring its continued operation from its Welsh headquarters is pleasing.”