The sale of newly-formed FrontierMEDEX to a U.S. trade buyer in December 2011 has brought early returns for MML Capital Partners, just nine months on from completing its $21 million minority interest investment. The terms of the transaction have not been disclosed but MML returns were described as 'excellent' by Managing Partner Ian Wallis.
Headquartered in Gloucestershire, UK, FrontierMEDEX was formed in March 2011 following the acquisition of US-based MEDEX Global Solutions by Exploration Logistics Group, in which MML made a minority investment alongside the existing management team in December 2010. The deal valued the combined business at $70m. The move transformed a company providing a niche specialist remote medical and safety product into one with a fully integrated, world-wide assistance, medical, safety and security solution, ranging from remote medical clinics, insurance and travel intelligence to medical and political evacuation.
The acquisition of FrontierMEDEX reflected the strategic potential of the organisation that will now form a core part of the acquirer's international strategy going forward.
CEO at FrontierMEDEX Tim Mitchell commented:
"This has been a year of exciting and rapid change for FrontierMEDEX and we have worked closely with MML to achieve it. MML were able not only to identify the unique opportunity in our company and our unusual sector, but to support our subsequent transatlantic expansion, integration and growth. This acquisition by one of the largest, most respected and comprehensive health companies in the world, is a strong validation of our strategy and vision to date. We are looking forward to the opportunity that that this next development affords both our business and our clients."
Says Ian Wallis, Managing Partner at MML
"FrontierMEDEX has achieved strong performance during MML's investment, growing successfully to over $80m revenue. With our support a first class management team has achieved something really exceptional in an extremely short time period."
The investment in FrontierMEDEX is the second from MML's recently launched fifth fund which closed in May 2011 at €250 million.
The sale excluded the landmine and explosive ordnance clearing subsidiary, MineTech International Limited, which remains owned by MML and management. A sale of MineTech is expected in 2012.