LDC, the private equity arm of Lloyds Banking Group, has invested in healthcare equipment and service provider Medray Group, marking an exit for Irish private equity investor Erisbeg.
Medray provides diagnostic imaging equipment, including X-ray and CT, to the healthcare, veterinary and dental markets in the UK and Ireland. The company employs 120 people across its Dublin base and a distribution centre in Hemel Hempstead. Since 2020, Medray has completed five acquisitions.
LDC is backing Medray’s existing management team led by CEO Siobhán Crowley. It will oversee investment in Medray’s sales team, complementary acquisitions and expansion into further diagnostic imaging modalities and complementary product portfolios.
As part of the transaction, partner John Clarke and investment manager Endrit Gashi, both from LDC, will join the board as non-executive directors. Steve Diamond will also join Medray’s board as non-executive chair. Diamond previously served as CFO and then CEO of the LoneStar Group, a global manufacturer and supplier of components to energy markets.
Erisbeg first invested in the business in 2019. The transaction is subject to the approval of the Competition and Consumer Protection Commission in Ireland.
LDC was advised by Clearwater, KPMG, Candesic and Addleshaw Goddard. Medray was advised by Deloitte, EY, Mansfield Advisors, ReganWall and Mathesons.
