UK-based growth capital firm Livingbridge has confirmed it has invested in Everlight Radiology, acquiring its stake from another UK-based private capital firm Intermediate Capital Group.
Livingbridge is investing alongside Everlight’s management team and doctor shareholders. Livingbridge has not disclosed financial details but the transaction is believed to involve a large controlling stake and be based on an enterprise value of around $500 million. This makes the deal the largest Livingbridge has made in Australia or New Zealand since it established a Melbourne office in 2016.
Founded in Sydney in 2006 as Imaging Partners Online, Everlight provides medical practitioners with remote online all-hours access to radiologists to ensure radiology scans are expertly assessed as quickly as possible. The company uses a “follow the sun” business model to e-direct work to teams in reporting centres around the world. Everlight reported on about 370,000 urgent scans over the last 12 months, with 10% reported on in under 14 minutes and the remainder within 75 minutes.
Everlight entered the UK market in 2010 as Radiology Reporting Online – a partnership with University College London Hospitals National Health Service (NHS) Foundation Trust. The company now has a team of more than 150 radiology consultants and provides services from offices in Australia, New Zealand, the UK and South Africa. Specialists working from their homes further afield, including in the US, Canada and Europe, also contribute to the service.
In Australia and New Zealand, Everlight reports on a total of more than 567,000 scans annually.
Group chief executive Alexander van der Laan said that since Everlight was formed teleradiology had become central to public healthcare and the company had become a vital lifeline of urgent radiology reporting.
“Livingbridge recognises the importance of this mission, the uniqueness of Everlight and the opportunities to provide even greater patient access globally in the future,” he said. “We are pleased to be working with, and investing alongside, the team.”
Melbourne-based Livingbridge investment director Oliver Mauldridge said: “We are privileged to have been chosen to support Everlight in its next phase of growth. Everlight is a special business which saves lives daily. We are excited by the prospect of working with such a talented team to deliver high-quality, mission critical services on a global basis.”
Intermediate Capital Group’s head of Australia and New Zealand, Ryan Shelswell, said: “Everlight has grown strongly since ICG partnered with the senior management team and key radiologist shareholders to acquire it from the business’ founders. ICG is proud to have played a part in Everlight’s continuing story and pleased that Everlight’s world class management team will now enjoy the expertise and capital backing of Livingbridge to support further development.”
Livingbridge received financial advice from Allier Capital and William Blair and legal advice from Allens, Linklaters and Simpson Grierson. Everlight and ICG received financial advice from Rothschild & Co and legal advice from DLA Piper.