The deal involves a £10.1m initial consideration followed by £6.7m deferred over a three year earn-out. The proceeds will be shared between a number of Pegasus shareholders.
Pegasus will join Ashfield Healthcare Communications, which is part of UDG Healthcare’s Ashfield Commercial and Medical Services Division.
The Pegasus board will now report to David Moore, director at Ashfield Healthcare Communications, which is part of UDG Healthcare’s Ashfield Commercial and Medical Services Division.
Moore said: “This is a strategically important acquisition for UDG Healthcare and Ashfield. It strengthens our existing comms offering and broadens our capabilities in patient and consumer communications programmes, as well as corporate reputation and crisis management for our growing client base.
“Pegasus is leading the market in the way it creates and delivers integrated solutions for its clients and we look forward to adding their expertise to our fast-growing portfolio of specialist healthcare agencies.”
Lisa Bradley, who founded Pegasus in 1992, will step into the role of chairman, following the departure of previous chairman, Tim Adams. Deputy MD Simon Hackett will take over the role of MD.
Bradley added: “It is very exciting to be joining UDG Healthcare and Ashfield at this new stage in our development.
“We know they are the right cultural fit for our agency and they share our passion for delivering innovative campaigns across healthcare.
“Joining Ashfield will increase the breadth and depth of services we offer to our clients and will provide our staff with the opportunity to acquire new skills.”
Clarity (corporate finance) and Osborne Clarke (legals) advised the Pegasus Board throughout the deal process.
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