Private equity outfit Foresight Group pockets £12.3m from sale of Liverpool city region medical equipment supply and maintenance firm MI Healthcare. Tony McDonough reports

A Merseyside firm which supplies and maintains equipment such as x-ray machines in NHS hospitals has changed hands in a multi-million pound deal.

Private equity firm Foresight Group has announced the sale of Knowsley-based Mi Healthcare to Probo Medical, part of Avista Capital Partners. Mi Healthcare has more than pieces of equipment in over 300 NHS and private hospitals.

Although the value of the deal was not disclosed, Foresight invested £3m into the business in 2016. It says the sale will see a return 4.1x of the original investment to its maiden £58m North West-focused fund.

Mi Healthcare was founded by Tim Dickinson. It has provided vital services to NHS and private hospitals since 1995. It recently brought a fleet of mobile X-ray units to market, providing additional support to the NHS.

Since Foresight made its original investment the business has expanded its service offering and geographical reach. It now covers most of the UK.

Foresight enhanced the senior management team, introducing chief financial officer, Mark Edwards and chair Matthew Stork. Matthew joined from GE Healthcare and InHealth. Mark was later promoted to chief executive and will remain with the company.

Foresight also supported Mi Healthcare through a re-brand alongside improving the sales and marketing approach. In 2021, the firm launched the Mi Healthcare Training Academy, providing training for both its own engineers and staff from biomedical engineering departments.

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Tim Dickinson said: “Foresight has supported Mi Healthcare on its journey to become a leading independent provider within diagnostic equipment servicing.

“We have exceeded our own expectations and couldn’t be happier with the help and guidance we’ve received from Foresight. We are excited to be partnering with Probo Medical for the next part of our journey.”

Peter Terry and the wider Manchester Grant Thornton team advised Mi Healthcare and the vendors on the transaction with support from Hill Dickinson.

Matthew Pomroy, a director based in Foresight’s Manchester office, added: “Mi Healthcare is a fantastic example of a local business that has delivered outstanding growth and supported NHS and private hospitals for nearly 30 years.

“It has been a pleasure working with the management team and we wish them every success for the future with Probo Medical.”