PE specialist achieves 4.1x return on sale of Merseyside healthcare business
Private equity firm Foresight Group has sold Mi Healthcare, based in Knowsley, to Probo Medical, part of Avista Capital Partners, achieving a 4.1x return.
Mi Healthcare is a provider of service and maintenance of diagnostic imaging equipment for both NHS and private hospitals.
Its sale will return 4.1x to Foresight’s maiden £58m North West focused fund.
This is the fund’s fourth exit which has returned total fund commitments twice over and around £110m, with 13 assets remaining in the portfolio.
Mi Healthcare was founded by Tim Dickinson and has provided vital services to NHS and private hospitals since 1995. It recently brought a fleet of mobile X-ray units to market, providing additional support to the NHS.
Since Foresight made its original investment in 2016, Mi Healthcare has expanded its service offering and geographical reach.
It now covers most of the UK from offices in Knowsley, Merseyside and Cumbernauld, Scotland.
Foresight enhanced the senior management team, introducing CFO, Mark Edwards and chair Matthew Stork. Matthew joined from GE Healthcare and InHealth, bringing a wealth of relevant experience. Mark was later promoted to CEO and will continue with the company.
Foresight also supported Mi Healthcare through a rebrand alongside improving the sales and marketing approach.
In 2021, the company launched the Mi Healthcare Training Academy, providing training for both its own engineers and staff from EBME – electrical and biomedical engineering – departments.
The sale of Mi Healthcare follows the exits of Clubhouse Golf, Hedges Direct and DA Languages from the North West fund.
Tim Dickinson 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, said: “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.
Probo, backed by US-based Avista, is located in Gloucester.