TTM Healthcare announces buy-in
TTM Healthcare Group has announced that private investment company Broadlake will acquire a 30% stake in the business. TTM Healthcare Group say the investment will create 500 new jobs in the UK and Ireland over the next five years and will allow the Group to further develop its range of healthcare services.
The business will continue to be led by founder and CEO Brian Crowley and Group managing director Barry Pactor. As part of the investment, Pete Smyth, CEO of Broadlake, will join the TTM Group Board.
Currently employing over 1,200 healthcare professionals, TTM has turnover in excess of £40m. In 2015, 52% of its revenue was generated from divisions established since 2011, highlighting the speed of growth in recent years.
Broadlake will support TTM’s strategy to triple revenues and double the workforce in the next five years through a mixture of organic and acquisitive growth, enhancing its range of healthcare services and further extending its international reach.
Broadlake has a proven track record in growing and scaling services businesses, having now invested over £25m into seven dynamic entrepreneurial businesses in Ireland and the UK, including manufacturing business Conveyortek, skincare brand Vita Liberata and the premium shower enclosure brand Merlyn in 2015.
Brian Crowley, CEO of TTM Group, said, “We are very excited to partner with Broadlake, given its remarkable track record in scaling up services businesses. We look forward to working with Pete and the wider Broadlake team to meet current and projected future needs. TTM has grown rapidly in recent years and this investment will help the company to reach new heights in terms of both expanding the team and our service offering to clients. We can see huge opportunities in the next five years.”
Pete Smyth (left) and Brian Crowley
Pete Smyth, CEO of Broadlake, added, “We have been hugely impressed by our interactions with Brian Crowley, Barry Pactor and the rest of the team at TTM Group. We only work with the most dynamic entrepreneurs to help grow great businesses. We knew from our early interactions that the team at TTM Group fit into that category. What attracted us to TTM is the quality and ambition of the team, the innovation of the healthcare services it offers and the high standards of care that TTM Group provides for its patients and clients.”