Alliance Medical acquired by Dubai International Capital

Alliance Medical, the largest independent provider of MRI, PET and CT scanning in Europe, has been purchased by Dubai International Capital from Bridgepoint Capital for a gross valuation of £600 million.

Based at Warwick, Alliance Medical was founded in 1989. Since being acquired by Bridgepoint, the company has invested more than £200 million in consolidating its UK market position as well as expanding into Europe through 16 acquisitions, most notably in Italy, Germany, the Netherlands, Spain and Ireland, such that over half its revenues are generated outside the UK.

Alliance Medical’s Group chief executive, Alan Pilgrim, said: “This is very exciting news for all our stakeholders: staff, customers and patients and will mean we can expand further into Europe and other areas of the world. Dubai International Capital has a high reputation in the companies they have backed. They have expressed full commitment to support Alliance Medical’s development and their willingness to fund our growth plans.”

Members of Alliance Medical’s management team are also showing their commitment by investing in the business. The company’s founder, Robert Waley-Cohen, will remain on the Board as an independent director and deputy chairman.

Commenting on the deal, Sylvain C. Denis, Chief Executive Officer of Dubai International Capital Private Equity said: “The acquisition of Alliance Medical is our first foray into the healthcare sector and is an important contribution to the diversification of our asset portfolio. We look forward to working with the management team of Allied Medical to explore new routes for growth and to provide access to new markets, such as the Arabian Gulf and the broader Asian region.”

Rob Moores, partner at Bridgepoint, said: “Under Bridgepoint’s ownership Alliance Medical has grown rapidly from its original UK base to become Europe’s leading provider of diagnostic imaging services.  It operates in a fast growing market and has anticipated and responded well to the increasing demands of many Western European governments to improve the quality of healthcare provision. The results achieved are testimony to the quality, depth and vision of its management team”.