Target Healthcare Case Study
Core to the culture of N4 Partners (“N4”), is to find partnership opportunities which go beyond an individual transaction or project. This partnership approach has seen the advisory arm of the firm, N4 Advisory, work alongside and develop a close working relationship with Target Healthcare (“Target”). Target had delivered significant growth since being founded by Lewis Campbell in 2012, both organically and through acquisition, with a clear strategy to become a leading, full-spectrum pharmaceutical manufacturer and distributor.
In 2021, an opportunity presented for Target to acquire Quantum Pharmaceutical (“Quantum”), as it was divested from Clinigen Plc (AIM listed at the time). Quantum was the recognised UK market leader within Unlicensed/Specials medicines manufacturer and wholesale, with contracts with the Tier 1 UK pharmacy chains.
From the outset, we were clear that N4’s direct investment experience would add real value and, ultimately, support the execution of the acquisition of Quantum. N4 worked alongside Target’s management team in defining and communicating the business plan including synergies, which supported Target in securing acquisition financing. We then helped to coordinate the management of various stakeholders, including funders, diligence providers and lawyers. From our direct investment heritage, we were able to add real value in supporting Target’s management on key negotiations within the transaction along with feeding into the implementation and shared services requirements post deal.
Completing the acquisition of Quantum was transformational for Target. As we continue to work alongside the team, we greatly value this partnership approach and do believe our ability to add value both within core transaction execution and more broadly given our direct investment experience will remain a key benefit for Target and the other clients of N4 Advisory.
N4 Advisory Testimonial
Graham Neill, Investment Director
“We were delighted to assist Lewis, Stephen and Gillian in Target’s acquisition of Quantum. We recognised the combination of Target’s entrepreneurial culture and drive could deliver the high growth investment thesis set out. One year on, it is clear the team at Target have delivered on their acquisition plans and more, and we are proud to be associated with a Scottish headquartered business which is confirming its position as a market leading full spectrum pharmaceutical manufacturer and distributor.”
Lewis Campbell (Founder, CEO)
“Coming up to the one year anniversary of the deal, we believe we have delivered against all the deal objectives we set as a management team. Especially pleasing is seeing colleagues across the Quantum business adopting the growth mindset we have built into the DNA at Target Healthcare. We are continuing to see more and more opportunity with the combined Group and have upgraded our investment plans to deliver these. This will continue to increase choice, quality and service to end patients. N4 Advisory was a crucial partner in helping us deliver the Quantum transaction and we look forward to continuing the relationship with the N4 team.