ECI sells healthcare outsourcer Harmoni to CareUK
The UK growth focused mid-market private equity company ECI has announced the sale of healthcare outsourcer Harmoni to CareUK. Harmoni provides outsourced healthcare services including Out of Hours, 111, prisoner healthcare and IT services, and also provides services to more than eight million people in UK.
Harmoni has grown significantly in the recent years with annualized sales growth of 39% since 2008 and reached £99m for the year ending 31 March 2012.
During the same period, Harmoni also tripled its workforce. The healthcare outsourcer was also a spinout from the former ECI healthcare investment, WCI Group, which in 2006 was split into 2 businesses namely WCI Consulting and ECI Healthcare.
WCI Consulting provides project-based consulting in the life sciences industry. It helps clients simplify the processes to improve the performance and assure compliance and was sold to Take Solutions, a listed Indian technology company in January 2011.
Sean Whelan, Managing Director of ECI and on the board of WCI Group said, “ECI is delighted with the final exit from WCI Group following the previous realization of WCI Consulting in 2011.” Mr. Whelan also said, “Andrew Gardner and his team at Harmoni have made fantastic progress growing the business over the past few years, and it is now well-positioned to take advantage of the changing market conditions in healthcare, specifically around the new 111 services.”
Mr. Sean also said, “We have had significant success over the last 10 years across different parts of the healthcare sector, including technology, services and products. As an investor backing businesses in growth markets, healthcare clearly remains of continued interest and we are keen to build on our track record of success to back other healthcare companies.”
ECI is the founding companies of the modern private equity industry in the UK. It has also been an active investor in private companies since it was set up as equity capital for the industry in 1976. ECI has also further healthcare investments in the assisted living and medical technologies sector with Premier Care and AKW Medicare.
Dexcom: changing the lives of people with type 1 diabetes
It is estimated that 9.3% of adults around the world are living with type 1 diabetes, which amounts to a total of 463 million people. A further 1.1 million children and adolescents under the age of 20 are living with the condition.
Unlike the more prevalent type 2 diabetes, where the body still produces insulin and symptoms develop slowly, people with type 1 diabetes need regular insulin injections or pumps, and must monitor their sugar levels frequently.
In recent years a number of remote glucose monitoring systems have become available that patients can use at home. These work with a sensor, usually placed under the skin, that measures glucose levels every few minutes. This information is then transmitted wirelessly to a device like a smartphone or tablet, which can then be shared with their clinician.
British actress Nina Wadia's son Aidan, 14, has type 1 diabetes, and has been managing his condition using Dexcom, a glucose monitoring system used by patients all over the world. Here Wadia explains how Dexcom has improved their lives.
As a parent of someone with type 1 diabetes, what is your day-to-day life like?
Being able to take a breath, think and pivot constantly without getting frustrated becomes an essential mindset because sometimes it feels like each day is determined to be different from the day before. Whatever worked yesterday is going to misfire today.
Which areas of yours and Aidan’s life are most impacted by diabetes?
The one thing that you have to fight hard to reclaim is spontaneity, especially when it comes to food and exercise. It’s only when this is taken do you realise how essential each one is. You can be flexible and there are no real limits, but only in the sense that a great athlete can be flexible without limits because they’ve trained super hard to be that way. So we’ve all had to become athletes when it comes to being spontaneous.
How has Dexcom helped you and Aidan?
Dexcom has brought future science fiction to real life today. The continuous glucose monitoring system is tiny, sits discreetly on his body and gives him a ten-day breather between sensor changes, so it's goodbye finger-pricking seven times daily.
Dexcom is totally active at a grass roots level and for Diabetes Awareness has pledged to donate £2,000 if #DexcomDiabetesStories and/or #DexcomWarriorStories is shared 200 times! I’ll be sharing more on social media and would love to hear how other families are winning their fights.
Maybe most importantly Dexcom is trying to introduce a reimbursement programme for type 1 diabetes patients which will give greater access to modern, life changing hi-tech. I want to spread the word on the importance of accessing it through this campaign.
If you compared your life today with how it was before Aidan was using Dexcom, what has changed?
It's always working, which lets him take his mind off diabetes for longer stretches. It also lets me get off his back. We both receive alerts so I no longer have to pester him by asking him what his number is, and especially importantly, I don’t have to wake him at night to prick his finger if I’m worried. Dexcom gave us back our sleep!