News Article

Private equity investor LDC, part of Lloyds Banking Group, is investing in Dublin-based healthcare equipment and service provider Medray Imaging Systems.

The Candesic team, led by Managing Partner Dr Leonid Shapiro and supervised by Engagement Manager Fabio Ruffinoni provided commercial due diligence to LDC.

The transaction sees Irish PE investor Erisbeg exiting the group after five years.

Medray is a leading provider of diagnostic imaging equipment, including X-ray and CT, with customers across the healthcare, veterinary and dental markets in the UK and Ireland. It employs around 120 people split between its Dublin base and a distribution centre in Hemel Hempstead.

Since 2020 it has completed five acquisitions, expanding into the UK market and breaking into the veterinary and dental sectors.

LDC is backing Medray’s existing management team, led by CEO Siobhan Crowley, as it pursues an ambitious growth strategy. In a press release she explained: “Demand is growing for imaging devices, driven by increasingly stringent regulation and as healthcare providers work to screen for chronic illnesses and care for an increasingly ageing population. To support their lifesaving work, hospitals, dental practices and vets need an equipment provider that can help them to 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.

“Erisbeg has supported Medray to expand our offering in the healthcare, veterinary and dental markets by aligning with Medray’s priority to keep our customers, suppliers and team at the forefront of our development. We are looking forward to welcoming another likeminded investor to Medray and continuing on our strategy path.”

The deal is subject to the usual approvals from the Competition and Consumer Protection Commission in Ireland.

Candesic offers a wide range of services including strategic consulting, commercial due diligence, digital consulting and tech-enabled strategic planning. To find out more, email [email protected].