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Nabarro advises Virgin Healthcare on its entry into the healthcare sector with a majority holding in Assura Medical
4 March 2010
The Healthcare and Corporate teams of Nabarro LLP have acted for Virgin Healthcare Holdings Limited ("Virgin Healthcare") on its acquisition of a 75.1% shareholding in Assura Medical, a provider of primary healthcare services, from Assura Group Limited ("Assura").
The transaction allows Virgin to realise a long-held ambition to enter the healthcare sector. Assura will retain a significant minority shareholding in this new partnership and its Chief Executive, Richard Burrell, will join the board of Virgin Healthcare.
The new partnership between Virgin Healthcare and Assura, initially under the Assura Medical brand, aims to become one of the leading companies providing primary healthcare services to the NHS and its patients.
Assura Medical’s GPCos are healthcare provider organisations formed in partnership with groups of GPs. In total, the 30 GPCos represent partnerships with over 1500 GPs servicing more than 3 million patients in England. They provide a range of high quality primary and intermediate community-based NHS services, including outpatient services, diagnostic procedures, day care surgery and GP-led health centres.
Commenting on the transaction, Warren Taylor, Head of Healthcare said:
"The strength of our Healthcare practice, which stretches significantly beyond pure M&A capability to understanding the detailed operational practices of the NHS, was key to our being able to help deliver this transaction for Virgin. It is always pleasing to see our skill-set being used so comprehensively."
Corporate partner Alasdair Steele added:
"Virgin has been interested in the healthcare sector for some time and we were delighted to have the opportunity to draw on our core strengths in Healthcare and M&A to help Virgin to realise its ambition."
Anita Waters, Group Legal Manager for Virgin Management, said: “We were pleased to work with Nabarro on this transaction. Although the deal drew on a number of the firm’s practice areas, their expertise in the healthcare sector (including the outsourcing of primary care services) was crucial for us.”
The Nabarro team of 7 partners was led by Corporate partner Alasdair Steele and Head of Healthcare Warren Taylor. The team also included Corporate associates James Archibald and Kate Grayling; Projects partner Louisa Cilenti and associate Claire Craig; Pensions partner Anne-Marie Winton; Employment Partner Sue Ashtiany and associates Kathryn McConnell and Michelle Christophoru; Tax senior associate Kirsten Pritchard-Jones and associate Julia Cockroft; Real Estate partner Neil Biswas and associate Alan Twine; and IT Partner George Wheeler-Carmichael and associate Chris Perrin. Assura is being advised by Addleshaw Goddard LLP.
If you would like any further information or have any queries please contact:
Charlotte Collins-White
T +44 (0)20 7566 9706
charlottet@lansons.com
