IK Partners, a private equity firm, has recently made a bid for Medica Group, a UK-based teleradiology provider. The deal, which values Medica at £269 million, is expected to be completed soon. This acquisition marks IK Partners’ fourth platform investment in the UK.
Medica Group provides teleradiology services to the UK and Ireland, as well as imaging solutions to clinical trials in the US.
The company has been listed on the London Stock Exchange since 2017 and has seen significant growth in recent years.
The acquisition by IK Partners is expected to provide Medica with additional resources and expertise to continue its growth trajectory.
IK Partners has a track record of successful investments in the healthcare sector, with a particular focus on companies that provide essential services to patients. The acquisition of Medica Group is in line with IK Partners’ strategy of investing in high-growth businesses that have the potential to become market leaders. The deal is expected to benefit both companies, with Medica gaining access to IK Partners’ resources and expertise, and IK Partners expanding its portfolio of successful healthcare investments.
IK Partners’ Bid
IK Partners has made a bid for Medica Group, a UK-based teleradiology and imaging solutions provider. The deal, which values Medica at £269 million, was made through Moonlight Bidco, a newly incorporated wholly owned subsidiary of funds advised by IK.
Offer Details
Under the terms of the offer, Medica shareholders will receive 150 pence per share in cash, representing a premium of approximately 22.5% to the closing price of 122.5 pence per share on the last business day before the announcement of the offer. The offer has been recommended by the Medica Board and is subject to the approval of Medica shareholders and regulatory authorities.
IK Partners is a leading European private equity firm with a focus on investments in Northern Continental Europe, the UK, and Ireland. The acquisition of Medica Group is IK’s fourth platform investment in the UK.
Moonlight Bidco’s Role
Moonlight Bidco, the newly incorporated wholly owned subsidiary of funds advised by IK, was established for the purpose of making the offer for Medica. The subsidiary is named after Moonlight Mile, a song by the Rolling Stones.
The subsidiary’s role in the acquisition is to acquire all of the issued and to be issued share capital of Medica Group. The subsidiary will fund the acquisition through a combination of equity and debt financing.
Overall, IK Partners’ bid for Medica Group demonstrates the private equity firm’s confidence in the healthcare sector and its commitment to investing in high-growth companies.
About Medica Group
Medica Group is a leading provider of teleradiology and telemedicine services in the UK and Ireland, and imaging solutions to clinical trials in the US. The company was founded in 2004 and is headquartered in Hastings, UK.
Image: Medica Group
Services Provided
Medica Group offers a range of telemedicine services, including teleradiology, which involves the remote interpretation of medical images such as X-rays, CT scans, and MRI scans by qualified radiologists. The company also provides telemedicine reporting services to the NHS and private healthcare providers, enabling the rapid and accurate diagnosis of medical conditions.
Medica Group’s imaging solutions for clinical trials include the provision of radiology expertise and technology to support clinical trials in the US. The company’s services help to ensure that clinical trials are conducted efficiently and effectively, with accurate and timely data collection and analysis.
