LDC invests in Medray Group to support growth strategy

LDC, the private equity investor which is part of Lloyds Banking Group, has invested in healthcare equipment and service provider Medray Group (Medray) to support the next phase of its ambitious growth strategy.

The transaction marks an exit for Irish private equity investor Erisbeg, which first invested in the business in 2019, and is subject to the approval of the Competition and Consumer Protection Commission (CCPC) in Ireland.

Medray is a leading provider of diagnostic imaging equipment, including X-ray and CT, to customers across the healthcare, veterinary and dental markets in the UK and Ireland. It supplies, installs and services equipment for c. 2,700 customers, in addition to providing complementary products and accessories. Medray employs 120 people – split between its Dublin base and a distribution centre in Hemel Hempstead.

The business has a strong track record of growth and since 2020 has completed five acquisitions that have enabled it to expand into the UK market and break into the veterinary and dental sectors.

LDC is backing Medray’s existing management team, led by CEO Siobhán Crowley, as it pursues an ambitious growth strategy underpinned by investment in its sales team, complementary acquisitions and expansion into further diagnostic imaging modalities and complementary product portfolios.

The transaction was led by LDC’s North West team, including Partner John Clarke, Investment Manager Endrit Gashi and Investment Executive Jen Hatton. LDC’s John Clarke and Endrit Gashi will join the board as Non-Executive Directors.

Steve Diamond will also join Medray’s board as Non-Executive Chair, bringing extensive senior management experience in the manufacturing and global distribution of high-performance, precision components. This includes a decade as CFO and then CEO of the LoneStar Group, a global manufacturer and supplier of components to the world’s energy markets.

Siobhán Crowley, CEO at Medray, said: “Demand is growing for imaging devices, driven by increasingly stringent regulation and as healthcare providers work to screen for chronic illnesses and care for an increasingly ageing population. To support their lifesaving work, hospitals, dental practices and vets need an equipment provider that can help them to stay abreast of the latest technology, and that can be a true partner in keeping their equipment working. These are tools that are mission critical, and that simply can’t afford to be offline.

“Erisbeg has supported Medray to expand our offering in the healthcare, veterinary and dental markets by aligning with Medray’s priority to keep our customers, suppliers and team at the forefront of our development. We are looking forward to welcoming another likeminded investor to Medray and continuing on our strategy path.