Westbridge Capital has sold AJM Healthcare to Livingbridge
AJM Healthcare was acquired by Westbridge Capital in 2018 in a leveraged buyout following which significant investment into the business was made in terms of people, quality systems and wider corporate infrastructure to support accelerated growth. AJM is the leading independent service provider solely focused on the National Health Service (NHS) wheelchair services market. The company provides services to over 100,000 wheelchair users across 30 NHS clinical commissioning groups and the Ministry of Defence. AJM provides a high-quality and differentiated service offering focused on meeting the diverse needs of service users through its in-house clinical team, drawing on their deep experience to ensure leading outcomes and best-in-class service for both commissioners and service users. AJM was founded in 1983 and during Westbridge’s ownership grew from seven to sixteen contracts.
Lincoln was retained as the exclusive sell-side financial advisor for this transaction, providing both corporate finance and debt advisory. The deal ultimately completed with the sale to Livingbridge, a leading European middle market investor, with management investing into the new deal.
Matthew Lee, Managing Director at Lincoln, commented, “AJM is a high-quality business focused on providing exceptional clinical services to its patients. Westbridge invested behind Stephen Peck and his team to build it into what it is today and it is now perfectly positioned for the next phase of its growth as the wheelchair services market continues to outsource. It was a real pleasure working with Westbridge and AJM on this deal and also finding a knowledgeable and supportive investor in Livingbridge.”
The Lincoln team not only helped produce some highly professional materials and analysis in the early stages of the sales process, but also provided key tactical advice and insight during the pricing negotiations which helped Westbridge secure an outstanding result for the asset.
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