HgCapital has announced the sale of Pulse Staffing
HgCapital, the European sector-focused private equity investor, has announced the sale of Pulse Staffing ("Pulse"), the UKs leading independent health and social care staffing services business. Pulse is being sold for an undisclosed sum. The return on capital invested delivers an investment multiple of 2.0x original cost for HgCapital's clients.
Pulse provides outsourced bank management services to large NHS Trusts and delivers care and nursing support to people with complex conditions in their own homes. For the second year running Pulse was awarded Best Staffing Agency of the Year by Health Investor and was recognised in the Sunday Times 100 Best Companies.
This transaction represents the second recent exit by HgCapitals funds, following the partial realisation of Visma in September 2010 for an investment multiple of 3.7x original cost.
Commenting on the investment, Lindsay Dibden, Partner and Head of HgCapitals Healthcare team, stated: We are delighted with this outcome for our investment in Pulse. We first invested in the company in 1999 and have continued to support the company through the significant market changes which have taken place during our period of ownership. This disposal represents the second exit by HgCapital in a little over a month and is further evidence that our long-term sector-focused investment strategy is paying off. Under the CEO, Richard Macmillans, direction, the business has been successfully diversified into the broad-based provider of health and social care professionals that it is today.
Richard Macmillan, chief executive of Pulse Staffing, said: Working alongside HgCapital over the last five years has been a great experience with Pulse undergoing a lot of positive changes with their support. This new deal is a good result for all the parties concerned. We wish HgCapital well as we look forward to our own future under new ownership.