IK Partners inks £269m takeover of Medica

IK Partners has confirmed its £269m acquisition of Medica Group, de-listing it from the London Stock Exchange in the latest sign of a public-to-private frenzy in the UK.

The private equity house tabled a bid for Medica in late April and said this morning that IK IX Fund has now completed the deal.

Medica, a teleradiology provider in the UK and Ireland and provider of imaging solutions to clinical trials in the US, was founded in 2004 and is headquartered in Hastings, UK.

The group has a network of more than 750 radiologists, radiographers and specialist doctors.

READ MORE: IK Partners boss Christopher Masek looks back at his first deal

In the UK and Ireland, Medica provides a reporting service for MRI, CT, Ultrasound and X-Ray to more than 100 NHS trusts, the Irish Health Service Executive and independent sector organisations.

Through its subsidiary in the US, RadMD, Medica provides imaging services for clinical trials within the
pharmaceuticals, biotechnology and medical device industries, with a particular focus on oncology.

The deal marks IK’s fourth platform investment in the UK.

IK has invested in 23 healthcare companies across Europe, deploying approximately €2.1bn of capital.

London’s listed assets have been a bright spot for deals in recent months despite a wider slowdown in the M&A market, with buyout shops tabling offers for FTSE companies that they believe are undervalued.

Some 29 companies were under offer at the end of May, of which 14 were recommended firm offers with an average offer value of £529.8m, according to research out today from Peel Hunt.

In June, the board of FTSE 250 veterinary drug company Dechra Pharmaceuticals recommended shareholders vote to approve a £4.5bn bid from EQT, in what is set to be the biggest takeover deal in Britain so far this year.

To contact the author of this story with feedback or news, email Sebastian McCarthy


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