| 06 Nov 2007 |
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Dubai in swoop for Alliance Medical
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Tuesday, Nov 06, 2007
Alliance Medical, Europe's leading diagnostic imaging company, has been acquired by Dubai International CapitalDubai International Capital
in a Pounds 600m deal to harness growth in the outsourcing by hospitals of medical scanning equipment and staff.
The deal is a success for Bridgepoint, which acquired Alliance for Pounds 86m in 2001. Since then, it has grown from a mid-sized UK company to a European leader after 16 acquisitions, notably in Italy, Germany, the Netherlands, Spain and Ireland.
The company generated revenue of Pounds 132m last year by operating more than 190 fixed and mobile scanners, including magnetic resonance imaging (MRI) and more advanced computer tomography (CT) scans.
Bridgepoint said it had made a four-times return on its investment, including the cost of acquisitions. Earnings before interest, tax, depreciation and amortisation were about Pounds 37m last year, a five-fold increase from 2001.
Alliance also operates positron emission tomography (PET), an imaging tool that involves patients being injected with a radioactive nuclear substance to help diagnose cancer, cardiovascular and neurological illnesses.
Public hospitals are making increased use of third-party scanning equipment and teams as they seek to reduce waiting lists for such treatments. Alliance operates mobile scanners in trucks that can operate from a hospital car park.
The takeover marks the first move into healthcare by DICDIC, which has become a force in UK buy-outs. It bought the Tussauds group for Pounds 800m and the Doncasters defence engineering group for Pounds 700m in 2005 and the Travelodge hotels operator for Pounds 675m in 2006.
Launched in 2004, DICDIC argues it is not a sovereign wealth fund as its main shareholders are the ruling family of the emirate of Dubai. It is distinct to the Istithmar investment company that is funded by the Dubai government.
Financing for the Alliance deal was provided by Dresdner Kleinwort, who funded the initial Bridgepoint deal in 2001, and Bank of Scotland.
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