Towerbrook acquires ICS from Blackstone & announces new ICS chairman
In a statement Towerbrook said that there are currently “strong market dynamics for healthcare staffing services in the UK”. The firm attributed this to the UK healthcare sector’s need to improve service efficiency and emphasis on care quality.
Towerbrook managing director Gordon Holmes said: “The opportunity to acquire ICS came about through the increased activity of our London office in the healthcare industry. It fits well with our overall investment strategy to back strong management teams operating in growth markets.”
Richard MacMillan, chief executive of ICS, added: “There is a growing demand placed on healthcare services in the UK which means it is critical that the right skills are in the right places. ICS is there to help healthcare service providers find the staff they need to deliver high-quality patient care and we are pleased to be entering a new phase of growth under our new owners.”
Inflexion Private Equity sold ICS to Blackstone for around £110 million in 2010, after only owning the company for 22 months.