ECI, the UK growth focused mid-market private equity firm, is delighted to announce the sale of healthcare outsourcer Harmoni to CareUK.
Harmoni is a leading UK provider of outsourced healthcare services including Out of Hours, 111, prisoner healthcare and IT services, providing services to over eight million people in the UK.
Harmoni has grown considerably over recent years with annualised sales growth of 39% (CAGR) since 2008 reaching £99m for the year ending 31 March 2012. The company almost tripled its workforce over the same period of time.
Harmoni was a successful spinout from a former ECI healthcare investment, WCI Group, which in 2006 was split into two businesses; Harmoni and WCI Consulting. WCI Consulting provided project-based consulting in the life sciences industry to help clients simplify processes to improve performance and assure compliance and was sold to Take Solutions, a listed Indian technology company, in January 2011.
Sean Whelan, Managing Director of ECI and on the board of WCI Group commented: