LDC has made a significant investment in Medray Group (Medray), a leading provider of healthcare equipment and services in the UK and Ireland. This new partnership follows the exit of Irish private equity investor Erisbeg, who initially invested in Medray in 2019.
This transaction, pending approval from the Competition and Consumer Protection Commission (CCPC) in Ireland, marks a new chapter for Medray. With this investment, Medray aims to strengthen its position in the healthcare, veterinary, and dental markets, continuing its trajectory towards growth and innovation.
LDC Invests in Medray
Private equity investor LDC has invested in healthcare equipment and service provider Medray Group (Medray). This marks an exit for Irish private equity investor Erisbeg, which first invested in Medray in 2019. The transaction awaits approval from the Competition and Consumer Protection Commission (CCPC) in Ireland.
Medray, a leading provider of diagnostic imaging equipment, supplies, installs, and services equipment across healthcare, veterinary, and dental markets in the UK and Ireland. Medray serves approximately 2,700 customers and offers complementary products and accessories.
Medray’s Growth and Expansion
Medray employs 120 people between its base in Dublin and a distribution centre in Hemel Hempstead. The company has shown significant growth, completing five acquisitions since 2020. These acquisitions allowed Medray to enter the UK market and expand into the veterinary and dental sectors.
LDC is supporting Medray’s existing management team, led by CEO Siobhán Crowley, as they pursue an ambitious growth strategy. This includes strengthening the sales team, making complementary acquisitions, and expanding into new diagnostic imaging modalities and product portfolios.
The transaction was led by LDC’s North West team, including partner John Clarke, Investment Manager Endrit Gashi, and investment executive Jen Hatton. John Clarke and Endrit Gashi will join Medray’s board as non-executive directors.
New Leadership at Medray
Steve Diamond will join Medray’s board as non-executive Chair. He brings extensive senior management experience, including a decade as CFO and then CEO of the LoneStar Group, a global manufacturer and supplier of components to the energy markets.
Medray’s CEO, Siobhán Crowley, highlighted the growing demand for imaging devices. This demand is driven by stricter regulations and the need to screen for chronic illnesses in an ageing population. She emphasised the importance of having a reliable equipment provider to keep technology up to date and functioning.
Crowley stated, “Hospitals, dental practices, and vets need an equipment provider that can help them stay abreast of the latest technology, and that can be a true partner in keeping their equipment working. These are tools that are mission-critical and that simply can’t afford to be offline.”
Continuing Medray’s Strategy
Crowley also credited Erisbeg for supporting Medray’s expansion in healthcare, veterinary, and dental markets. Erisbeg worked closely with Medray to keep customers, suppliers, and the team at the forefront of development.
Welcoming LDC as a new investor, Crowley expressed optimism for the future. “We were impressed by LDC’s track record of delivering flexible funding and helping other healthcare businesses scale across the UK,” she said.
John Clarke, partner at LDC, praised Medray’s strong market position and close relationships with equipment manufacturers. He expressed enthusiasm for helping Medray’s experienced team achieve their growth ambitions.
Advisors Involved in the Transaction
LDC was advised by Clearwater for corporate finance, KPMG for financial and tax due diligence, Candesic for commercial due diligence, and Addleshaw Goddard for legal matters. Medray and its shareholders were advised by Deloitte for corporate finance and financial due diligence, EY for tax due diligence, Mansfield Advisors for commercial due diligence, and ReganWall and Mathesons for legal work.
The comprehensive advisory support signifies the complexity and significance of this transaction. This ensures that all financial, legal, and commercial aspects are thoroughly examined and managed efficiently.
Future Prospects
Medray’s future seems promising with LDC’s support for the company’s ambitious plans. These plans include expanding into new diagnostic modalities and continuing to build on their strong market presence.
The company aims to use the investment to enhance its product and service offerings, thereby increasing its market share in both the UK and Ireland. This strategic approach is expected to drive sustainable growth.
LDC’s involvement is likely to bring additional expertise and resources that can propel Medray to new heights. This partnership aspires to deliver innovative solutions to meet the evolving needs of healthcare providers.
Reflecting on Medray’s Journey
From its beginnings to becoming a key player in the healthcare equipment sector, Medray has shown resilience and adaptability. Its journey reflects strategic decisions and partnerships that have paved the way for current and future success.
Each step, from acquiring companies to expanding its product lines, showcases Medray’s commitment to innovation and customer satisfaction. This focus is essential in maintaining its competitive edge.
LDC’s investment in Medray signifies a promising new chapter for the healthcare equipment provider. With plans to expand and innovate, Medray is poised for continued growth in the UK and Ireland. This partnership with LDC brings additional expertise and resources that are expected to propel Medray to new heights, ensuring sustained success in the healthcare, veterinary, and dental markets.
