TIDMESO TIDMEO.P TIDMEC.P TIDMEL.P

RNS Number : 3283J

EPE Special Opportunities PLC

29 March 2018

EPE Special Opportunities plc

29 March 2018

This announcement contains inside information

EPE Special Opportunities plc

Portfolio Update

EPE Special Opportunities plc ("ESO plc", or the "Company") announces that Pharmacy2U Limited ("P2U"), a company in which it has a minority investment via ESO Investments 1 LP ("ESO 1 LP"), has raised a further GBP40 million of new growth capital to support the rapid expansion of its online NHS repeat prescription service.

P2U is England's leading online NHS pharmacy and is the fastest growing pharmacy group in the country, with 25,000 new patient registrations in the last month alone and year-on-year growth in patient numbers of 178%.

As well as offering consumers increased choice and convenience, P2U's online prescription management service is highly beneficial for the healthcare economy, saving GPs an estimated six hours and 40 minutes a week on paperwork. It is estimated that managing repeat prescriptions online could save the NHS over GBP300 million per year on prescription costs.

The growth capital raise was led by G Square Capital, a European private equity firm focussed on the healthcare sector. In conjunction with the new investment, G Square Capital also acquired a majority of the share capital of P2U from existing shareholders and as a result is now the majority shareholder.

The new investment will allow P2U to invest further in technology infrastructure to support customer demand and remain at the forefront of innovation in digital pharmacy services. P2U's state-of-the-art, award winning dispensing facility in Leeds is already the largest and most technologically advanced in the United Kingdom, with the ability to dispense one million prescription items per month.

ESO 1 LP has realised 50% of its existing investment in P2U in the transaction, implying a 2.0x Money Multiple realised return. The transaction was completed at a premium to the holding value of P2U. The remaining 50% of ESO 1 LP's investment has been retained to benefit from the growth potential in P2U offered by the GBP40 million investment. This retained investment offers further upside in terms of Money Multiple returns to ESO 1 LP

The person responsible for releasing this information on behalf of the Company is Hilary Jones of R&H Fund Services (Jersey) Limited.

Enquiries:

 
EPIC Private Equity LLP      +44 (0) 207 269 8865 
                              Alex Leslie 
 
R&H Fund Services (Jersey)   +44 (0) 1534 825 323 
 Limited                      Hilary Jones 
 
Cardew Group Limited         +44 (0) 207 930 0777 
                              Richard Spiegelberg 
 
Numis Securities Limited     +44 (0) 207 260 1000 
Nominated Advisor:           Stuart Skinner / Hugh 
                              Jonathan 
Corporate Broker:            Charles Farquhar

This information is provided by RNS

The company news service from the London Stock Exchange

END

PFUDBGDXXBDBGII

(END) Dow Jones Newswires

March 29, 2018 02:02 ET (06:02 GMT)

Epe Special Opportunities (LSE:ESO)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Epe Special Opportunities Charts.
Epe Special Opportunities (LSE:ESO)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Epe Special Opportunities Charts.