Alliance Medical (United Kingdom) - Nov 2007

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01 November 2007

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Dubai International Capital (DIC) has acquired diagnostic imaging services provider Alliance Medical from Bridgepoint for £600m in a tertiary buyout deal. Dresdner Kleinwort and Bank of Scotland have been appointed as lead arrangers of the financing for DIC’s acquisition. The transaction is subject to regulatory approval. DIC intends to explore new routes for growth with Alliance Medical to provide access to new markets such as the Arabian Gulf and the broader Asian region.

Exit deal

Bridgepoint has reaped 4x its money from the sale of Alliance Medical. The divestment came about after Bridgepoint identified DIC as a buyer. Bridgepoint acquired the company in a £111m secondary buyout deal in 2001 from 3i and F&C Ventures (25 November 1996, page 12). 3i supported the original buyout of the business from previous funder JMI Seed Capital as well as other trade and private investors and later sold down a £3m stake to F&C Ventures.

During Bridgepoint’s six-year ownership of the business, it has successfully consolidated its UK market position, as well as expanded into continental Europe through 16 acquisitions, most notably in Ireland, Italy, Germany, the Netherlands and Spain.

Company

Alliance Medical was founded in 1989 and provides a range of diagnostic imaging services (including MRI, CT and PET) used in both private and publicly-owned hospitals across Europe. It also manages static and mobile scanners. Based in Warwickshire, Alliance Medical operates more than 140 scanners and for the year ended 31 March 2007 had EBITDA of approximately £37m on revenues of £132m. Since 2001, Alliance Medical has increased revenues sixfold, more than doubled profits and grown employee numbers from 177 to 690.

People

Rob Moores and Jamie Wyatt led the exit deal for Bridgepoint.

Advisers

Management - Jamieson Corporate Finance, (Corporate Finance)Management - Lovells, Alan Greenough, Keith Woodhouse (Legal)Purchaser - Goldman Sachs, (Corporate Finance)Purchaser - LEK, (Commercial Due Diligence)Purchaser - Linklaters, Ian Bagshaw , Richard Youle (Legal)Purchaser - PricewaterhouseCoopers, (Financial Due Diligence)Vendor - KPMG, (Financial Due Diligence)Vendor - Rothschild, Dominic Hollamby, Hedley Goldberg (Corporate Finance)Vendor - Simmons & Simmons, (Legal)Vendor - Travers Smith, Charles Barter, Ian Shawyer, Mark Ellis, Moushumi Sharmacharia (Legal)