Elysian Capital I LP disposed of its interests in IPS, a supplier of unlicensed medicines or specials to the pharmacy market, on 19th November 2014 to a secondary buy out led by Ashok Patel, the original founder of the business.
The Specials market has undergone significant change over the last four years with the introduction of a pricing tariff by the Department of Health and pressure to reduce prescriptions by the PCTs and their successors the CCGs This has reduced the value of the market by c30% but has also increased transparency in the market which, long term, benefits quality suppliers such as IPS.
Over the life of Elysian's investment, volumes increased significantly and employee numbers grew from 19 to 54.
The Fund made a 2.6x return on its original investment.