On Friday 18th September 2015, Capita plc completed the disposal of its Energy Medical Services business (“EMS”) to Iqarus Limited (“Iqarus”), a new entity formed by Tim Mitchell and backed by MML Capital.
Tim Mitchell was previously CEO of Frontier Medex, a global assistance, medical, safety and security services provider that was backed by MML in 2011 and sold to UnitedHealthCare in 2012. Iqarus’s investment thesis is to use EMS as a platform to build an international remote assistance business, providing critical healthcare and repatriation services in challenging and hard-to-access locations across the world.
EMS is a provider of off-shore and on-shore occupational health services within the oil and gas sector, principally serving the UK North Sea. Services include the provision of off-shore medics, medical evacuations, health surveillance, medical screenings for offshore employees and clinical on-site support services. The business also has a highly-regarded medical training unit, from where they recruit many of their medics. Key customers include global oil majors and global oil services companies.
Capita is a FTSE 100-listed provider of business process management and integrated professional support service solutions, with 64,000 staff across the UK, Europe, South Africa and India.
Smith Square Partners acted as financial advisers to Capita plc.