Livingstone Guides US Frontiers for UK's Exploration Logistics
March 2011
Livingstone, the leading independent, international investment banking firm, is pleased to announce the recent merger between Exploration Logistics Group plc (“Exlogs”) and MEDEX Global Solutions (“MEDEX”). Livingstone advised the management and shareholders of Exlogs.
The enlarged business, to be known as Frontier MEDEX Group (“Frontier”), which will have revenues of $100m, will deliver a fully integrated world-wide assistance, medical safety and security service, ranging from remote medical clinics, insurance and travel intelligence to medical and political evacuation.
Livingstone advised Exlogs on its original capital-raising exercise in December 2010. Following a successful marketing exercise, MML Capital Partners (“MML”) took a minority interest in Exlogs, backing the existing management team to continue its development of the Group’s service offering.
Phillip McCreanor, Partner at Livingstone stated at the time: “We had a number of attractive approaches from PE firms but MML stood out becaue of the flexibility of their funding structures and North American presence.”
With MML’s backing in place, the Group’s existing management team immediately began to look at growth opportunities, looking at ways to expand their presence in the North American market. They identified the need to deliver to their customers the full range of their services across all sectors and all locations. Baltimore-based MEDEX gave them this opportunity, with the merger and formation of Frontier completing just three months after the original capital-raising exercise.
Global CEO Tim Mitchell said of the capital-raising exercise and merger: “In MML, Livingstone found us a financial partner that has worked hard to understand our business and that shares management’s vision for the business. This merger is timely and significant with the world already witnessing our rapid response capabilities in both Tripoli and Cairo, where we were first on the ground to evaluate more than 600 civilians from unexpected injury, unrest and rioting.”
Steve Miles, Partner at Livingstone added: “We are pleased to have advised MML on this important strategic exercise.”
This transaction is the 14th deal and the 6th cross border deal completed by Livingstone in 2011.
For further information contact:
Steve Miles
T: 312 670 5901
E: miles@livingstonepartners.com
Phillip McCreanor
T: +44 20 7484 4725
E: mccreanor@livingstonepartners.co.uk
