ECI reaps 2.7x return on 4ways sale to EQT-backed Evidia

Rachel Lewis
05 April 2023

Tweet
Facebook
LinkedIn
Google plus
Send to

ECI has sold its UK-based teleradiology platform 4ways to EQT Infrastructure-backed radiology and radiotherapy business Evidia for a 2.7x return.

Buyer Evidia was formed through the roll-up of German platforms Meine Radiologie and Blikk via EQT's infrastructure arm, which last year also bolted on the Swedish imaging arm of Triton-owned Aleris.

The buyer said that the latest add-on accelerates its journey to becoming a pan-European provider of radiology services.

ECI acquired 4ways in September 2018 via ECI 10, a GBP 500m, 2014-vintage fund. The vendor said in the same statement that the company has grown by over 20% annually since its ticket, having invested in its tech platform.

The sponsor tapped William Blair to steer a sale in September 2022 with 4ways generating around GBP 10m of EBITDA, as reported by Unquote's sister publication Mergermarket.

The European radiology sector is still seeing a strong pipeline of activity despite a relatively depressed M&A market.

South African hospital group Life Healthcare has recently appointed advisors to oversee a sale of its UK-based imaging subsidiary Alliance Medical, with a number of French assets also set to come to market, as reported by Mergermarket.

In spite of this, some exit candidates have remained unsold, with potential buyers for German platform Rad-X rejecting aggressive EBITDA adjustments.

Company
4ways uses its technology platform to deliver a 24/7, technology-enabled service, providing routine, out-of-hours and specialist clinical reporting on diagnostic images. It helps hospitals, Regional Imaging Networks and other healthcare providers to deliver high-quality and efficient care to their patients.

People
4ways - Ajay Chadha (CEO).
Evidia - Jan Hörnström (Head of International).
ECI Partners - George Moss (partner).