ABBEY PHARMA (INTRAPHARM)
August 2014 to November 2015
Abbey Pharma, the specialist pharmaceutical company which trades as Intrapharm, secured a £2m investment from BGF in August 2014 . BGF took a minority stake in the business and the investment was used to fund the company’s buy-and-build strategy.
Intrapharm was established in 2009 and is a fast growing, dynamic niche pharmaceutical group that manufactures, distributes and sells prescription and ‘Over the Counter’ (OTC) products. Based in Maidenhead, the business is led by Kevin James as CEO and Shafiq Choudhary as COO. As part of BGF’s investment, Brian McEwan joined as chairman. Brian has over 30 years of experience in the pharmaceutical industry having previously held positions as MD of Amdipharm Mercury Company Ltd (AMCo) and COO of Waymade Healthcare Plc.
BGF’s investment supported Intrapharm as a buy & build platform, enabling the business to acquire Crewe based Peckforton Pharmaceuticals, as well as Alvedon, a specialist pain treatment drug. Immediately prior to BGF’s exit, Intrapharm also acquired Aquamax, an emollient cream for use against dry skin conditions.
Following a period of sustained growth, with revenues increasing from £4m p.a. at the point of BGF’s investment to £12m for the current financial year, the business was acquired by German pharmaceutical company RIEMSER Pharma GmbH in November 2015. BGF exited its minority equity stake in the business, with all shareholders realising a strong return.
Kevin James, CEO of Abbey Pharma commented:
“Over the past ten years we have achieved sustained and significant growth through focusing on the speciality pharmaceuticals market. We are very excited about the opportunity to jointly expand and accelerate our growth strategy under the umbrella of RIEMSER”
“BGF’s funding came at the right time for the business and has allowed us to scale the platform with the acquisition of Peckforton, while our Chairman Brian McEwan has provided invaluable support and advice.”
James Austin, Investment Director, BGF commented:
“In Abbey Pharma we backed a first class team in a rapidly expanding business with a strong platform for acquisitive growth. It has been exciting to watch the growth of Intrapharm Abbey Pharma under Kevin and Shafiq’s leadership. The success and attractiveness of the Intrapharm business has been ratified by the acquisition from RIEMSER.”
BGF continued its investment in the next generation of the UK’s IT & Technology sector by backing Skyscape Cloud Services, the leading provider of cloud infrastructure services to the UK public sector, with a £4m investment in May 2014.
BGF’s capital is being used to further develop Skyscape’s channel partnerships as well as continue investment into direct sales, alongside expanding into the wider UK Public Sector, including healthcare, local government, research and higher education.
Since BGF’s investment, Skyscape has experienced rapid growth, increasing revenues from £3.7m in 2014 to £16.2m in 2015. Employee numbers have doubled in line with this growth and the company has won a number of industry awards including ‘One to Watch in Cloudex 20:20, Gartner ‘Cool Vendor’ and Cloud Provider Innovation of the Year award at the UK IT Industry Awards 2014.
Skyscape was founded in May 2011 by successful entrepreneur Jeff Thomas (Chairman) and two experienced businessmen Phil Dawson (CEO) and Simon Hansford (CTO). The company’s head office is in Farnborough, Hampshire.
The business has achieved great success to date, winning a number of high-profile contracts directly with public sector organisations, including the Cabinet Office, Home Office, HMRC and MOD. Skyscape also provides cloud services to other central government departments as well as a growing number of local authorities and independent government organisations.
Capitalising on the government shift to cloud computing which forms a key part of government ICT strategy, Skyscape is a market leader in the provision of assured cloud solutions to the UK public sector and has made significant investment in designing a cloud platform that is specifically tailored to meet the needs of this market. The business is currently focused mainly on central government departments, supporting more than 70 projects, across 38 customer organisations engaging through over 100 partners.
Skyscape focuses on providing assured cloud services in a more agile, secure and cost-effective manner. Its customers are able to eliminate the need for costly hardware or managed hosting services as well as benefit from simple hourly pricing and no initial set-up fees. This genuine pay-by-the-hour service delivers significant cost savings for Skyscape’s customers, who are able to turn servers off during evenings and weekends, or alternatively, rapidly scale services at times of peak demand.
Greg joined BGF in 2013 and is based on the south coast, covering Southampton, Reading and the surrounding areas. His role is focused on sourcing and completing investments, as well as working with the board of existing investments to achieve their growth plans. Greg works with the boards of Abbey Pharma, Benefex, Bullitt Group, and Skyscape cloud services.
Prior to BGF, Greg was a director in the Structured Finance division of RBS. Based in Reading, he focused on the origination and execution of private equity backed and corporate transactions across multiple sectors, with a focus on TMT. Prior to this, he spent three years in the bank’s Large Corporate Banking teams in both Southampton and Gatwick.
Greg graduated in biochemistry from the University of Southampton in 2002 before joining NatWest as a graduate in its retail banking business. A keen skier and snowboarder, Greg also enjoys rugby, yacht sailing, and the repair and maintenance of a growing collection of cars and motorbikes.
“BGF’s proposition means we can offer an exciting alternative to growing companies, which means I very much enjoy spending my time meeting entrepreneurs and helping them take advantage of the array of opportunities in front of them.”
- Abbey Pharma (Board Observer)
- Skyscape (Board Observer)
- Bullitt Group (Board Observer)
- Benefex (Board Observer)