Lucid strikes £11m investment deal with equity firm LDC

Lucid has agreed an £11m investment deal with private equity company LDC to support its US expansion and increase its infrastructure.

The medical communications group has been growing rapidly, most recently launching a new strategic consultancy and winning a Queen’s Award for international trade earlier this year.

Its agreement with LDC will see the firm, which is the private equity arm of the UK’s Lloyds Banking Group, take a minority investment in Lucid.

LDC investment directors Christian Bruning and Rob Apollo will join the group’s board, with Tim Trotter - current chairman of PEI Media and chief executive chairman of Ludgate Group - appointed as non-executive chairman as a part of the deal.

Lucid’s founders Dennis O’Brien and Jan Steele will continue to lead the business.

O’Brien said: “We felt the time was right to bring on board a strategic partner, and in LDC we have an experienced investor with a strong track record in the healthcare sector.

“From the outset, they have had a flexible approach to the investment, structuring the deal on terms that worked for us.

“We’re now best placed to maximise the growth potential of Lucid and solidify our position as thought leaders and innovators in the medical education market.”

Lucid, which employs over 100 people, has offices in London, Beaconsfield and New York, and has seen a 30% growth in the past two years.

Christian Bruning, investment director at LDC London, said: “In Dennis, Jan and their management we have an experienced team at the helm of the business and we look forward to working alongside them to support the next phase of growth and expansion to build further on the Lucid brand.