We have advised LDC on its investment in Medray Group (Medray), a healthcare equipment and service provider, to support the next phase of its ambitious growth strategy. The transaction marks an exit for Irish private equity investor, Erisbeg, which first invested in the business in 2019, and is subject to the approval of the Competition and Consumer Protection Commission (CCPC) in Ireland.
Headquartered in Dublin, Ireland, Medray is a leading provider of diagnostic imaging equipment, including X-ray and CT, to customers across the healthcare, veterinary, and dental markets in the UK and Ireland. The business supplies, installs, and services equipment for c. 2,700 customers, in addition to providing complementary products and accessories. Medray employs 120 people, split between its Dublin headquarters and a distribution centre in Hemel Hempstead, UK.
The business has a strong track record of growth and, since 2020, has completed five acquisitions that have enabled it to expand into the UK market and break into the veterinary as well as dental sectors.
LDC is backing Medray’s existing management team, led by CEO Siobhán Crowley, as it pursues an ambitious growth strategy underpinned by investment in its sales team, complementary acquisitions, and expansion into further diagnostic imaging modalities and complementary product portfolios.
LDC’s John Clarke and Endrit Gashi will join the board as Non-Executive Directors. Steve Diamond will also join Medray’s board as Non-Executive Chair, bringing extensive senior management experience in the manufacturing and global distribution of high-performance, precision components.
Our team provided LDC with M&A and Debt Advisory services, raising debt finance from DunPort Capital Management to support the transaction.
