X-ray company Medica Reporting plots £150m-plus IPO as private equity firm CBPE Capital seeks exit

 
William Turvill
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CBPE Capital acquired Medica from Nuffield Health in 2013 (Source: Getty)

A private equity-backed x-ray company is plotting a stock market flotation, City A.M. can reveal.

Medica Reporting, the UK’s largest remote radiology reporting network, is planning an initial public offering (IPO) that could value the company at more than £150m.

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It would mark a second IPO in quick succession for private equity company CBPE Capital, which last month floated actuarial and consulting firm Xafinity in a deal valuing the company £190m.

City A.M. understands bankers at Investec are advising Medica on the London flotation.

CBPE acquired teleradiology reporting firm Medica for an undisclosed sum from Nuffield Health in 2013.

According to Companies House accounts, Medica reported a turnover of £22.2m in 2015, up 24 per cent on 2014’s £17.9m. Profits before tax were reported to be £5.9m, up from £4.9m.

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The company, which is based in East Sussex, provides more than 1.5m radiology reports a year, offering specialist reporting services to the NHS and private hospitals.

CBPE declined to comment.

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