ECI Partners sells Harmoni to CareUK
ECI, the UK growth focused mid-market private equity firm, has sold healthcare outsourcer Harmoni to CareUK.
Harmoni is a UK provider of outsourced healthcare services including Out of Hours, 111, prisoner healthcare and IT services, providing services to over eight million people in the UK.
Harmoni has grown considerably over recent years with annualised sales growth of 39 per cent (CAGR) since 2008, reaching GBP99m for the year ending 31 March 2012. The company almost tripled its workforce over the same period of time.
Harmoni was a spinout from a former ECI healthcare investment WCI Group, which in 2006 was split into two businesses: Harmoni and WCI Consulting. WCI Consulting provided project-based consulting in the life sciences industry to help clients simplify processes to improve performance and assure compliance and was sold to Take Solutions, a listed Indian technology company, in January 2011.
Sean Whelan, managing director of ECI and on the board of WCI Group, says: “ECI is delighted with the final exit from WCI Group following the previous realisation of WCI Consulting in 2011. Andrew Gardner and his team at Harmoni have made fantastic progress growing the business over the past few years, and it is now well positioned to take advantage of the changing market conditions in healthcare, specifically around the new 111 services.”
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