What's Happening?
All Seas Capital has significantly expanded the Hakim Group, a network of independent opticians and audiologists in the UK and Ireland, through strategic investments. Founded by Dr. Imran Hakim, the group allows independent practices to maintain their identity while benefiting from centralized support services. Since All Seas' initial investment in 2020, the number of practices in the network has grown from 115 to over 500. This growth occurred despite economic challenges posed by the COVID-19 pandemic, which initially disrupted high street businesses. The group has also diversified its offerings by increasing the number of audiologists and implementing new financial KPIs to enhance operational efficiency.
Why It's Important?
The expansion of the Hakim Group highlights
the potential benefits of economies of scale for independent businesses. By joining a larger network, these practices can access resources and support that would otherwise be unavailable, allowing them to focus on providing quality care. This model is particularly attractive to family-owned businesses seeking investment without losing control. The success of this strategy could inspire similar roll-up models in other sectors, such as dental and pharmacy, potentially reshaping the landscape of independent healthcare providers. The investment also underscores the resilience of businesses that can adapt to economic disruptions, such as those caused by the pandemic.
What's Next?
Looking forward, the Hakim Group plans to continue its expansion by increasing its base of audiologists and potentially exploring international markets. The group is also considering adding new members from adjacent professions, such as ophthalmologists. All Seas Capital, along with new partner ICG, remains confident in the group's management and growth strategy, indicating further investments and support for future expansion. This continued growth could solidify Hakim Group's position as a leading acquirer of independent opticians, setting a precedent for similar business models in other regions.
