
Toby Dixon
Credit: Growth Fund 1
Scale-up fund Growth Fund 1 has invested in The Pharmacist Network Group, marking its first transaction.
The private equity firm, launched by managing partner Toby Dixon, has invested in a strategic roll-up of healthcare consultancies, consisting of The Pharmacist Network, MORPh Clinical Services, and MORPh Consultancy.
Growth Fund 1 is backed by entrepreneurs and supported by a panel of experienced and self-invested advisory members. The fund specialises in investing in businesses that operate within business services sectors, agency models and with the opportunity to accelerate sales performance and evolve a more sophisticated sales engine.
Dixon founded, built and led pan-European tech recruitment business, Marlin Green. He exited the business after 11 years in an Inflexion-backed trade deal in September 2021.
Headquartered in Newcastle-upon-Tyne, The Pharmacist Network provides on-site and remote general practice pharmacy and pharmacy technician services to GPs as a partner to the NHS, including supporting prescription-related requests, the provision of GP pharmacy services and assisting with out-of-hours services.
MORPh and MORPh Clinical Services is a pharmacist-led provider of pharmaceutical-funded services with almost 20 years of experience in supporting pharmacy professionals working in primary care. Based in Worcester, MORPh provides pharmacist-led clinical services and training for pharmacists and pharmacy technicians in the NHS.
Dixon said: “This is an incredibly exciting investment – an impressive leadership team we are thrilled to back and help build something amazing together. The potential is enormous.”
Squire Patton Boggs provided legal advice to the management of Growth Fund 1, with a team led by corporate director Josh Lodge and including partner Paul Mann and associate Sarah Hardman.
Lodge said: “We have worked with Toby previously, so it was a privilege to support Growth Fund 1 on this exciting first step into the healthcare sector. We are pleased to have played a part in facilitating this inaugural transaction and look forward to their continued success.”
Alistair Scott-Somers and Nathan Bentley from Progeny advised the Pharmacist Network management team on the terms of the investment and the sale of their shares, with exiting shareholders in MORPh Consultancy being advised by Mike Clifford and Michelle Hall from Weightmans LLP.