International law firm Trowers & Hamlins has advised Professor Prasad Godbole and John McMullan, the founders of Pioneer Healthcare, on the successful reacquisition of the company from PHL Group.
Pioneer provides specialist secondary NHS care services. It works with hospitals, commissioners and trusts to provide high-quality elective care, dermatology and therapy services, through insourcing and outsourcing, all free at the point of use for NHS patients. It also holds contracts with NHS Foundation Trusts and Integrated Care Boards across England.
The buyback comes four years after the company was originally sold to AIM-listed Totally in a deal valued up to £13m, on which Paul Ellaby advised. £6.9m was payable on completion, on a cash-free and debt-free basis, and up to £6.1m was payable on a deferred basis, based on the financial performance of Pioneer in the year ending 31 March 2022. Throughout this period, Pioneer has remained profitable and continued to grow, with revenues of over £10 million. The reacquisition reflects the founders’ long-term confidence in the company’s mission, market position and future potential.
The newly independent business will be led by its original founders, senior NHS consultants Professor Prasad Godbole and Mr John McMullan. The duo, both recognised in their fields, have continued working within the business throughout the previous ownership under PHL Group and will now resume leadership.
Paul Ellaby, Partner in the Corporate team, commented:
"We are pleased to have supported Prasad and John on the reacquisition of Pioneer Healthcare. This transaction marks an important milestone for the business and reflects its strong performance and growth over recent years. We look forward to seeing the company continue to thrive under its founders’ leadership."
The Trowers team was led by Paul Ellaby, supported by Ian Nash and James Pike.
