Apposite Capital said May 9 it invested in Medical Imaging Partnership Ltd (MIP) Financial terms weren’t announced. Medical Imaging is a UK provider of medical diagnostic imaging services.
London, UK – 9th May 2016. Apposite Capital, the private equity firm specialising in healthcare, today announces that it has made a new investment in Medical Imaging Partnership Ltd (“MIP”), a fast growing UK provider of medical diagnostic imaging services. Apposite will make available up to £12m to support the geographical roll-out of MIP services across the UK, grow the management team and employee base, and continue investing in high quality radiology services for patients and clinicians.
Created in 2010, MIP has built an excellent reputation and has a well-established long standing customer base within the NHS and the independent sector. MIP offers fully managed clinical services whereby it provides the radiology equipment (MRI, CT Scan, X-Ray, Ultrasound) together with patient referral and triage management, radiology reporting and clinical support into patient management. MIP is at the forefront of new models of care, providing radiology services covering a whole population for specific disease pathways for example community Musculo-Skeletal services. The company is currently operating in the Southeast and North of England and has 55 employees.
There is a strong demand for diagnostic imaging across the UK due to both demographic and epidemiologic factors and changes in medical practice. In particular, the number of MRI scans is expected to continue growing at around 10% per annum. Currently the UK has a low installed base and use of both MRI and CT scanners per million population relative to OECD peers.
Sam Gray, Partner at Apposite Capital, who is also joining the Board of Directors, commented: “We are excited to be backing MIP as we believe it is well positioned to capture the increasing demand for diagnostic imaging and to expand its geographical footprint across the UK. We were highly impressed with the quality of the management team and we look forward to working with Simon Oates and the rest of the team to support their growth plan.”
Simon Oates, CEO of MIP, said: “Apposite has already showed in-depth understanding of the market need and business model, and will bring valuable relationships to work in partnership with us through the next stage of the company development. I am confident that together we will successfully expand to other regions of the UK and continue in our goal to deliver consistent high quality care and services.”