MML Capital Partners (“MML”) has acquired Capita’s Energy Medical Services business (EMS) which has been renamed IQARUS. MML invested alongside CEO Tim Mitchell, who led former MML investment FrontierMEDEX prior to its sale to United Healthcare.
Aberdeen based IQARUS provides occupational health and medical support solutions to customers with workforces operating offshore. The business represents a high quality platform, with deep medical and occupational health expertise, which will be developed into an international player in the remote offshore and onshore medical market. This growth is expected to be achieved through a combination of acquisition and greenfield expansion, enabling IQARUS to provide truly global, best in class services to its blue chip customer base.
Mitchell comments: “Having worked with MML previously at FrontierMEDEX, where we built significant value through executing an extremely complex transaction, I am delighted to partner with them again. Their flexible approach and experience in backing portfolio companies to execute ambitious international growth plans will be crucial in helping us to capitalise on a compelling market opportunity.”
MML Partner Luke Jones said: “IQARUS is an exciting, high quality platform. It is great to have the opportunity to work alongside Tim again in a sector that continues to offer significant opportunity.”
Ian Wallis, Luke Jones, and Rob Devonshire led and executed the deal for MML with both Luke and Rob joining the board.
Further information on IQARUS can be found at: www.iqarus.com