bd-capital, the pan-European, operationally-led private equity firm, has made its second investment today into Ascenti, a technology-led disruptor in the UK physiotherapy and mental wellbeing markets.
Ascenti started in 1996 as a small rehabilitation business helping victims of motor accidents recover from injury, and through organic growth and a series of acquisitions over the last 20 years has grown into the UK’s leading independent network of physical wellbeing services serving individuals, corporates, insurance companies, private medical insurers, and the UK government.
Every day, Ascenti’s highly trained, directly employed team of more than 300 physiotherapists and wellbeing practitioners deliver thousands of hours of care, alleviating physical and mental stress and improving the lives of people across the UK.
Structural shifts in health and wellbeing
While physical and mental wellbeing has always been important, over the last few years there has been a significant structural shift in the way we all view our health. A focus on prevention of physical ailments before major symptoms develop has led to the growth of pre-emptive physiotherapy. People are more active than they have ever been and want to remain active as far into their older years as possible.
In addition, acceptance of talking about physical and mental health to our family, friends and on social media has increased dramatically and has become a national topic of conversation.
The impact of COVID-19 and lockdowns has resulted in new types of physical and mental stress. Those working from home in difficult conditions have seen stresses on their physical wellbeing, while an unprecedented number of people’s mental health has been impacted, through isolation and the impact the virus itself has had on friends and family.
Technology at the core
The role of technology is playing a greater part in all our lives every day, and this is particularly true in the provision of physical and mental wellbeing services. Ascenti’s market-leading digital proposition is the only ‘end-to-end’ technology in the market.
These systems, developed in-house by Ascenti, provide effective referral management, assessment and triage, practitioner allocation, booking engines, monitoring of outcomes and feedback to those paying for the services. This technology delivers to all customers, whether insurance companies, corporates or individuals, an intuitive and compelling experience, which results in better clinical outcomes.
Partnership with bd-capital
bd-capital will be partnering with the existing management team of Ascenti, led by Stephanie Dobrikova, who said:
“We are excited to be partnering with the bd-capital team to take Ascenti to the next level, supporting us as we grow our network, invest in technology and expand our services. We immediately knew that we had found a great partner on meeting bd-capital and they have approached the opportunity to invest in Ascenti with openness, consideration and enthusiasm throughout all our discussions. I know I speak for my entire team when I say that we are excited to be working with bd-capital and am in no doubt that we have selected an exceptional partner.”
Following the investment by bd-capital, both the management team and original founder will remain invested in the company. In addition to Stephanie Dobrikova leading the company as CEO, David Johnston, Operating Partner at bd-capital, will become Chairman.
Richard Baker, Managing Partner and co-Founder of bd-capital, and former CEO of Alliance Boots and Chairman of Virgin Active, commented:
“Ascenti is run by an exceptional team, who are on a journey to creating a very special company in the physical and mental wellbeing market. In our view, Ascenti’s team, digital proposition and national scale stands it apart from its competition and we are excited to be partnering with Stephanie and her team to help improve the lives of many more people across the UK over the coming years.”
About bd-capital
Established in 2019 by Richard Baker, former FTSE CEO and Chairman, and Andy Dawson, former Advent International Investment Partner, bd-capital takes an operationally-led approach to its partnerships with businesses where changing patterns of consumer behaviour and technology disruption are creating exciting growth opportunities. Since launching in 2019, the bd-capital team has grown to 18 people, 6 of whom are former CEOs with experience of growing mid-size businesses in the European market.
Ascenti was advised by Arrowpoint Advisory (corporate finance), KPMG (financial), Lyons Davidson (legal), Shoosmiths (management advisory), and WA Communications (political).
bd-capital executed the transaction in close partnership with advisory teams from PwC (financial), Weil, Gotshal & Manges (legal), LEK (commercial), Axis Arbor (debt advisory), M&G Investments (debt), McDermotts (debt legals), Norton Rose (debt legals), European Valuations (debt support), Palladium Digital Group (technology), Marsh (insurance) and Ropes & Gray (compliance and regulation).
About Ascenti
Ascenti is the leading independent provider of physiotherapy, mental health and selected clinical outsourcing services in the UK. They are a trusted partner to more than 20 NHS Clinical Commissioning Groups (CCGs) and hundreds of private businesses across the UK, serving NHS patients, pay-as-you-go customers and private medical insurance members.
With extensive national coverage, Ascenti has over 300 highly trained physiotherapists and healthcare professionals delivering upwards of 600,000 treatment sessions annually. Enabling people to make headway after illness and injury, step back into work after accidents, or simply stay active and keep moving forward in their daily lives.
Ascenti is a dynamic and progressive company – advancing physical and mental therapies by making them more accessible to all, raising standards and pioneering new digitally enabled services.
For more information about Ascenti, please visit www.ascenti.co.uk.
