Medigold Health, a leading provider of occupational health and corporate wellbeing services, has received a £9.5m investment from BGF to support its ambitious growth plans.
The Northampton-based business has used some of the funds to make two strategic acquisitions, buying IMASS, an occupational health provider with a focus in the South West of England and on public sector customers, and Hampton Knight, a specialist provider of alcohol and drug screening services throughout the UK.
Founded 20 years ago by Dr Mike Goldsmith, and now under the leadership of his son Alex Goldsmith, Medigold Health provides occupational health services – including Sickness Absence Management, Health Surveillance and Mental Health Support – for large corporate and public sector customers across the UK.
In a fragmented marketplace, Medigold Health has grown consistently, forecasting turnover of ~£30m for FY18. According to the HSE, work-related illness and injury resulted in 30.4 million lost working days in 2015-16. Medigold Health’s offer is to quantify the cost of absence and minimise the impact for its customers while improving employee wellbeing; helping employers to keep their people in work, safe and well.
The acquisitions of IMASS and Hampton Knight will enable Medigold Health to expand its geographic and sector reach. The business is eager to complete further acquisitions, as it looks to become the UK’s most prominent provider of occupational health and related services.
BGF, the UK’s most active investor in small and mid-sized businesses, provides long-term funding as a minority equity partner in the companies it backs.
Alex Goldsmith, CEO of Medigold Health said: “Still family owned, Medigold Health has been dedicated to the business of helping employers keep their people in work, safe and well for nearly two decades and, in doing so, helping to redefine corporate healthcare in the UK.
“BGF’s long-term investment is already helping us boost our coverage and expand our breadth of service to customers. We are well placed to complete further acquisitions and cement ourselves as the leading corporate healthcare brand in the UK.”
James Syrotiuk, Investor at BGF said: “Medigold Health is well respected in the sector and has the infrastructure and management team to scale up significantly. With general levels of employment on the increase and awareness growing among businesses of the importance of promoting employee health, Medigold Health’s offer is especially strong. We are excited about working alongside Alex and the team to support their ambitions and grow the business further.”
The investment was led for BGF by James Syrotiuk, Joanne Smith and Mark Freer.