Dow Schofield Watts Transaction Services in the North West provided Vendor Due Diligence services in respect of the recent disposal of UK-based Mi Healthcare to US-based Probo Medical (part of Avista Capital Partners).
Established in 1995, led by Tim Dickinson and Mark Edwards, Mi Healthcare provide ultrasound and x-ray sales, rental and other services across the UK with offices in both England and Scotland.
With this acquisition, Probo will extend the reach of its diagnostic imaging equipment sales, rentals and service capabilities throughout the UK.
Foresight has now revealed that the transaction will return 4.1x on its initial £58 million North West-focused fund with this being the Fund’s fourth exit, following Clubhouse Golf, Hedges Direct, and DA Languages. With thirteen assets remaining in the portfolio, it has returned total commitments twice over and approximately £110 million.
In 2016, Foresight made its initial investment.
Catriona Lang, and Rob Parker advised on the deal.
“I have utilised the DSW Transaction Services team on more than one occasion (sell side and buy side) and each time I have been impressed by the professionalism, impartiality and ability to deliver to an often tight deadline. The DSW team has the ability to dig deep into the financial data to draw out the underlying trends and present them in a concise, clear and non-debatable form.
A really good team of people led by Cat Lang and Rob Parker, with a strong reputation amongst PE-backed management teams in the North West of England as the go-to advisors for transaction services. In my view any transaction is going to be hard work and stressful and I would always choose to work with the DSW team”.
Dow Schofield Watts’ Midlands office has advised JPS Projects, a leading provider of specialist retrofit services with operations in Manchester, Chesterfield and Hemel Hempstead, on its private equity investment from Cordovan Capital Management.
