ISIS books 2.5x on WMS

The £45m sale of the medical supplies company yields ISIS a 15% IRR.

UK-based ISIS Equity Partners has sold Williams Medical Supplies (WMS), a medical supplier to London-listed DCC for £45 million, according to a statement.

The sale netted ISIS a 2.5x return and an IRR of 15 percent.

WMS, which was founded in 1986, provides products and services to the healthcare market including 8,500 GP surgeries and primary care organisations. The business also provides health and safety consultations, utilities supply and advice on infection control.

ISIS backed the business in 2007, when it invested £10.5 million in a management buyout of the company. Under ISIS’ ownership, WMS has grown sales, customer numbers and profits, and developed its range of product and services, ISIS said.

The sale of WMS follows a busy few months for ISIS in which it completed a number of investments and exits. In February, the firm bought a minority stake in Enterprise Finance, a specialist loan distributor, in a deal worth £28 million.

Last December ISIS sold Encore Tickets, a UK ticket supplier, to ECI Partners netting the firm a 2.8x return, while in October, it divested online travel business On the Beach to fellow UK-based firm Inflexion Private Equity in a £73 million deal. That exit delivered a return of 3x and an IRR of 20 percent.

ISIS typically invests in UK-based companies valued at between £5 million and £100 million which are seeking capital in the range of £2 million to £40 million. ISIS is currently investing its fifth fund, a £360 million vehicle which was raised in 2012, according to Private Equity International’s Research and Analytics division.