LONDON, UK: Moonlight Bidco Limited, a newly incorporated wholly-owned subsidiary of funds advised by IK Investment Partners Limited reached an agreement on the terms and conditions of a recommended all cash offer to acquire Medica Group plc by means of a scheme of arrangement. Under the terms, each Medica Group shareholder will receive 212 pence in cash per share valuing the Medica at approximately £269 million.

Medica is an international provider of high-quality telemedicine services and a market leading teleradiology provider in the UK and Ireland.

Founded in 2004, Medica Group is listed on the Premium Segment of the Official List and was admitted to trading on the Main Market of the London Stock Exchange in 2017. Medica is headquartered in Hastings, United Kingdom and currently employs over 400 people globally with operations in the United Kingdom, Ireland, the United States of America and Australia.

Since its inception in 1989, IK Partners has initiated, structured, and financed over 170 private equity transactions across Europe, completed over 400 add-on acquisitions, and raised c. EUR 14 billion of capital.

IK Partners continues to be one of Europe’s most active private equity firms, having made 33 platform investments since January 2021. 

IK Partners has 7 offices across Europe, as well as an office in the USA, with over 185 employees across the group. IK Partners seeks to provide support to its portfolio companies to accelerate growth.

IK Partners has a well-established track record of investing in successful companies across the Healthcare sector. To date, IK Partners has invested in 23 healthcare companies across Europe, for which it has deployed approximately EUR 2.1 billion of capital.

Chairman of Medica, said: “Since its establishment in 2004, Medica has become the UK’s market leading teleradiology player and a trusted partner to over half of NHS hospital organisations, as well as providing a range of imaging services from our more recent, high growth businesses in Ireland and the United States.

Medica has made significant progress delivering against its strategy to diversify and scale the business alongside investments in our technology platform and reporter capacity which position us to compete strongly in a highly competitive market.

The Board of Medica believes that the offer from Bidco represents an attractive and certain value in cash today for Medica shareholders which reflects our reputation as a leading, high-quality teleradiology and wider telemedicine provider with a compelling service offering.

The Board of Medica believes that IK Partners is a strong and credible partner for the business and is well positioned to support its next phase of development, including accelerating investment in the company which will benefit our customers and their patients going forward.

The hard work and outstanding contribution of Medica’s management team, employees and its dedicated network of radiologists, radiographers and specialist doctors has made Medica the business it is today.

The Board believes that Bidco’s plans to continue to invest in the training, development, and expansion of Medica’s global employee base will support management’s growth plans and the continued provision of essential fast and reliable reporting to support our customers.”

Pete Wilson, Head of IK Partners’ UK Mid Cap strategy said: “We are pleased that the board of Medica has unanimously agreed to recommend the Acquisition of Medica by Bidco.

Medica has a long-established track record of serving customers and, in turn, their patients in telemedicine, across the UK and Ireland in teleradiology and in the US in complex imaging services.

We believe that under Bidco’s ownership, Medica will be able to invest further in its people, technology, and new capabilities which will allow it to better serve its customers, healthcare professionals and ultimately, continue to help improve patient outcomes.”

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