Foresight Group Sheds Light on Diagnostic Imaging Firm Exit [Private Equity Insights]

Private equity firm Foresight Group has shed light on its disposal of a provider of service and maintenance of diagnostic imaging equipment, including the size of its return.

Last week, Knowsley-based Mi Healthcare was snapped up by Probo Medical, a Gloucester-headquartered provider of imaging equipment, parts, repair and services.

Terms of the transaction were not disclosed.

Mi Healthcare’s team provides ultrasound and x-ray sales, rental and other services across the UK with offices in both England and Scotland. Established in 1995, it is led by Tim Dickinson and Mark Edwards.

With the acquisition of Mi Healthcare, Probo will extend the reach of its diagnostic imaging equipment sales, rentals and service capabilities throughout the UK.

Foresight has now revealed that the deal will return 4.1x to its maiden £58m North West-focused fund.

This is also the Fund’s fourth exit, with others including Clubhouse Golf, Hedges Direct and DA Languages. It has returned total commitments twice over and about £110m, with thirteen assets remaining in the portfolio.

Foresight made its original investment in 2016.

Tim Dickinson, founder of Mi Healthcare, said: “Foresight has supported Mi Healthcare on its journey to become a leading independent provider within diagnostic equipment servicing.

“We have exceeded our own expectations and couldn’t be happier with the help and guidance we’ve received from Foresight. We are excited to be partnering with Probo Medical for the next part of our journey.”

Matthew Pomroy, a director based in Foresight’s Manchester office, added: “Mi Healthcare is a fantastic example of a local business that has delivered outstanding growth and supported NHS and private hospitals for nearly 30 years.

“It has been a pleasure working with the management team and we wish them every success for the future with Probo Medical.”

Peter Terry and the wider Manchester Grant Thornton team advised Mi Healthcare and the vendors on the transaction with support from Hill Dickinson.

Source: Insider Media