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Connell C - LB Mar 2022

Apposite Capital invests in HCML and CrestOptics


London-based healthcare private equity investor Apposite Capital has acquired rehabilitation and care management provider Health & Case Management (HCML) and advanced microscopy systems manufacturer CrestOptics. HealthInvestor chats with Sam Gray, managing partner of Apposite to find out more.

The acquisitions were in the planning pre-pandemic, Gray says.

Founded in 2003, HCML is one of the UK’s largest case management and treatment services providers specialising in physical and psychological rehabilitation. It is based in Croydon, South London, and has an integrated network of more than 1,000 physical and psychological providers.

“HCML has a strong reputation in the rehabilitation market, a differentiated innovation and growth agenda and also a dynamic, quality-driven team and platform,” Gray adds.

As part of the investment, HCML has appointed Nick Delaney as Chief executive – former Chief executive of Ascenti, a physiotherapy and selected clinical outsourcing operator, where he grew the business by over five times during his seven years of leadership and opened over 400 sites.

Delaney said in a statement: “Apposite’s specialist interest in the healthcare market, along with its well-known commitment to enhancing clinical service levels at every opportunity make it the perfect partner for this venture and I look forward to working with them as I expand HCML’s operations.”

Terms of the deal were not disclosed.

Apposite’s second acquisition in November was that of the Rome-based CrestOptics. The company was created in 2010. Apposite has now acquired a majority share with a view to accelerate market penetration globally and launch new products.

The agreement is supported by Crest Optics’ existing shareholder, Xyence, an Italian life sciences investor and partner of CrestOptics since 2018.

As part of the deal, Apposite has introduced Dr David Martyr who will join the CrestOptics’ Board of Directors as chair. Previously group president of Leica Microsystems, and Chief executive of Tecan, David brings extensive industry experience.

Gray declines to provide any financial details of the transaction but says that CrestOptics is a rapidly growing profitable business and life science is an attractive, growing market.

“It [CrestOptics] is a business that is on a rapid growth trajectory, has a deep pipeline of new product innovation, and was looking for an investor to bring these products successfully to market. Apposite has a lot of experience and a good network in life sciences internationally.”

He concludes: “2021 has been a record year for Apposite. We continue to see a lot of interesting deals and opportunities. It is possible Apposite will do further investments in the next couple of months. Social care services is a core sector for Apposite. We are also looking at the pharma industry at the moment.”

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