A $25 million capital raise and acquisition led by Wingate Private Equity and Sandbar Investments has seen Medical Channel acquire Community Network to create Australia’s largest point-of-case digital marketing channel.
Medical Channel now operates close to 3,500 digital screens across Australian GP clinics which provide national and local ‘heavy’ advertisements around health, banking and insurance products to fill the approximate 30-minute wait time at the doctors.
Wingate director David Jackson said; “The transaction is compelling with the business combination creating a clear market leader with a national presence.”
“The growth opportunity is underpinned by a continued focus on innovation and exceptional service delivery for our customers and partners.”
Jackson said that the acquisition was significant for the health industry, coming at a time when digital media was experiencing rapid growth across industries.
The partnership between Wingate and Sandbar Investments will now be the majority shareholder of Medical Channel. “This presents a unique platform for advertisers to reach consumers in a targeted manner and measure good returns,” he said.
“[The] opportunity is underpinned by a continued focus on innovation.”