CBPE's Medica lists with £150m market cap

The GP sold the majority of its stake as part of the flotation, but will retain an 11% holding following the IPO. Prior to the listing, the GP held an equity stake of 82% in the company, according to the IPO prospectus.

The placement gives Medica an enterprise value of £160m, according to a statement issued by the vendor, and raised proceeds of £121m. It consisted of around 111 million shares priced at 135 pence apiece.

Under the GP's tenure, the business has expanded its headcount from 38 to 85 and increased the number of consultant radiologists it works alongside from 103 to 250. The company has also invested in the development of its products, in order to reduce the turnaround time for its out-of-hours scans to below 20 minutes, and introduced a clinical advisory group to its corporate structure.

Investec acted as sole sponsor, bookrunner and broker on the flotation.

Previous funding
CBPE acquired Medica from trade vendor Nuffield Health in May 2013 with capital drawn from CBPE Fund VIII, according to unquote" data.

Company
Founded in 2004 and headquartered in Hastings, Sussex, Medica provides teleradiology reporting for diagnostic imaging formats including X-rays, CT and MRI scans. The company's clients include the UK's National Health Service Trusts, in addition to independent sector clients.

Medica generated a turnover of £22.2m in 2015, according to the prospectus, with EBITDA of £6.8m. In the nine months to September 2016 it generated revenues of £20.9m with EBITDA of £6.9m, up 30% and 38% respectively on the same period in 2015.

People
Medica Group – John Graham (CEO).
CBPE Capital – Anand Jain (partner).

Advisers
Company – Eversheds Sutherland (legal); Grant Thornton (financial due diligence).

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Exits
• UK / Ireland
• Healthcare
• United Kingdom
• IPO
• Close Brothers Private Equity (CBPE)