Dubai International Capital, the international investment arm of Dubai Holding, has acquired Alliance Medical, a provider of diagnostic imaging services to the European healthcare sector,
Dubai International Capital, the international investment arm of Dubai Holding, has acquired Alliance Medical, a provider of diagnostic imaging services to the European healthcare sector, from private equity firm Bridgepoint for GBP600m.
‘We are delighted with the acquisition of Alliance Medical, which combines strong financial performance with technical excellence,’ says Sameer Al Ansari, executive chairman and chief executive of Dubai International Capital. ‘We are committed to investing in growth companies that are leaders in their field.
‘This latest transaction is the third buy-out for DIC Private Equity in 2007 and follows our investments in Mauser, one of the world’s largest industrial packaging producers, and Almatis, the world’s leading producer of alumina-based products. We look forward to supporting Alliance Medical’s growth under its successful management team.’
Founded in 1989, Alliance Medical provides a range of diagnostic imaging services (including MRI, CT and PET) used in private and publicly-owned hospitals across Europe and manages static and mobile scanners. In the past six years, Alliance Medical has successfully consolidated its UK market position and expanded into continental Europe through 16 acquisitions, notably in Ireland, Italy, Germany, the Netherlands and Spain.
Based in Warwickshire, Alliance Medical operates more than 190 scanners, and for the year to March had revenues of GBP132m. Since 2001, Alliance Medical has increased revenues sixfold and profits fivefold, and its workforce has risen from 177 to 690.
‘The acquisition of Alliance Medical is our first foray into the healthcare sector and is an important contribution to the broadening of our asset portfolio,’ says Sylvain Denis, chief executive of Dubai International Capital Private Equity. ‘We look forward to working with the management team to explore new routes for growth and to provide access to new markets, such as the Gulf and the broader Asian region.’
Bridgepoint partner Rob Moores says: ‘Under Bridgepoint’s ownership, Alliance Medical has grown rapidly from its original UK base to become Europe’s leading provider of diagnostic imaging services.
‘It operates in a fast-growing market and has anticipated and responded well to the increasing demands of many western European governments to improve the quality of healthcare provision. The results achieved are testimony to the quality, depth and vision of its management team.’
Advisers involved in the transaction for Bridgepoint included KPMG (financial and commercial), Travers Smith (legal), Simmons & Simmons (legal), and for DIC Goldman Sachs (M&A), PWC (financial and tax), LEK (commercial) and Linklaters (legal). Dresdner Kleinwort and Bank of Scotland are lead arrangers of DIC’s financing.
