Partial buyout for £4.5m turnover healthcare business

FORESIGHT Group has invested £3m in Knowsley-based healthcare business Med Imaging Healthcare.

Established in 1995 by Tim Dickinson, a former Siemens healthcare engineer, Med Imaging provides servicing, reactive maintenance, repair and sale of a range of diagnostic imaging equipment for the NHS, private health sector and dental markets.

The £4.5m turnover company, which employs 41 staff, will use the investment to support future growth plans.

Foresight’s investment facilitates a partial buy-out of the business and as part of the transaction Christopher Langley, an experienced chief executive and chairman with more than ten years’ experience in healthcare, has been appointed as non-executive chairman.

Dickinson said: “I am delighted to be working alongside Foresight to further develop our offering and increase our position in the market place.”

James Livingston, partner at Foresight, said: “Med Imaging represents a compelling opportunity to invest in a well-established business, which maintains vital equipment across many NHS trusts.

“The business is able to offer the NHS compelling cost efficiencies when compared to certain competitors and offers a high level of service. The business is growing well, both in its core market and across new service lines. We look forward to working with Tim and the broader management team in the coming years.”

This is the third investment from the Foresight Regional Investment Fund, which targets SME investments across the North West, North East Wales and South Yorkshire, following recent deals with UDP and Euxton Group.

Legal advice was provided by Ian Riggs, Jon Gillow and Sean Lightfoot of Hill Dickinson. Financial due diligence was provided by Neil Robinson at Mazars, while commercial due diligence was completed by Lushani Kodituwakku at Neovian Partners. Mike Hicks of Catalysis Partners provided management due diligence. The company was advised by Jerry Scriven at MC Vanguard and Kieran Donovan, Catherine Lo and Neil Munford of Bermans. 

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