handl Group acquires IPRS Group in biggest deal yet
Will spearhead additional growth in the health services sector
Strengthens capability in supporting growth within key Government and NHS sectors
Investment portfolio management company handl Group has signalled its determination to further build its market presence in the health and wellbeing sector with the announcement that it has acquired the IPRS Group (Injury, Prevention and Rehabilitation Services).
The deal, which is the biggest yet completed by handl Group, will see the four constituent IPRS brands become part of the Lancashire-based portfolio.
The move underlines chief executive officer Graham Pulford’s commitment to focus handl Group’s future on becoming a provider of a broad range of complementary services, incorporating people and technology, across different sectors.
Suffolk-based IPRS Group is an independent specialist organisation offering a diverse range of clinical products and services to the public and private sectors. CEO Martyn Jackson, who joined the business in 2004, has successfully led the growth from a regional provider of Physio services to a market leading, multi-disciplinary operation.
IPRS Group, which achieved turnover of £17M in 2020, has four brands:
IPRS Health – physiotherapy, mental health and wellbeing for the insurance, corporate, NHS and occupational health sectors
IPRS Mediquipe - distributing Biodex functional assessment, rehabilitation equipment and training to elite sports, universities and the NHS
IPRS Aeromed - supplier of paramedic led, medical repatriation and other specialist services
PFAS - independent provider of quality medical assessments delivered in house using specialist health practitioners
All trade will continue under existing brands and all 300 IPRS Group employees will stay with the company.
The senior management team will also remain in place as it has an excellent track record of delivering growth in existing markets along with experience of successfully creating new products and services to service existing and new customers. Martyn Jackson will remain as CEO, reporting to handl Group CEO Graham Pulford, and will continue to lead the company through the next stages in its evolution.
Graham said: “This is a significant growth opportunity that will give us additional scale and new distribution channels in private medical insurance (PMI), as well as elite sport, an IPRS Group specialism. It will also further cement the relationships handl Group currently has with the UK insurance industry.
“It is the biggest acquisition handl Group has completed to date, and we intend to support IPRS Group’s ambitious growth plans through additional investment, access to the skilled people at handl and also the acceleration of their already advanced digital offerings.”
“The Group already has a proven model of growth and is poised to further enhance its market presence following a number of contract wins this year, both renewals and new business. There will also be a definite opportunity to sell the unique services of IPRS to existing handl customers.”
He said IPRS Group worked with a number of blue-chip businesses, including Aviva and QBE in insurance, as well as Vitality, ATOS, SERCO, and increasingly the NHS.
“We intend to capitalise on the synergies in our existing health businesses, which provide health and rehabilitation services to the insurance and legal markets”
Commenting on the deal, Martyn Jackson said: “It was quickly apparent from my discussions with Graham and the team that handl Group will be the best possible custodian for our company and our clients.”
“Their focus on people plus technology closely mirrors our own approach, and new investment in our capabilities as a result of this deal will take IPRS Group to a new level of growth.”
“I am particularly excited by the opportunities for further work in the public sector, where our scale and strengthened capabilities and infrastructure will open up opportunities to bid for larger government contracts.”
The deal completed on 8th April 2022 and the consideration is undisclosed.
The Franklin Advisory – Lead Buy-side Advisor
CG Professional – Buy-side Legal Advisor
Cowgills – Buy-side Financial & Tax Due Diligence Advisor
Grant Thornton – Lead Sell-side Advisor
Birketts – Sell-side Legal Advisor