A £1 million investment from The North West Fund for Biomedical is set to be used by Diagnostic Healthcare to expand its portfolio of medical equipment.
The North West Fund for Biomedical has made its 34th investment since the £30 million fund was set up in February 2011.
Manchester-based Diagnostic Healthcare has become the fund’s latest recipient and, as well as expanding its portfolio of medical equipment, the business will now build its diagnostic services and increase community services in more locations around the country.
The company has a network of centres and mobile units throughout the UK and provides MRI scans, obstetric ultrasound, bone density scans, cardiac testing, health screening and reporting services. It supports the NHS and private healthcare market in through its scanning and reporting.
SPARK Impact, which manages the North West Fund for Biomedical, has led the investment, which represents a maiden backing for Diagnostic Healthcare.
Diagnostic Healthcare chairman Michael Ringart comments, ‘It’s an exciting time for the company and I would like to thank SPARK Impact for their trust and faith in us. We are expecting great things over the next few years.’
The North West Fund for Biomedical is a sub-fund of The North West Fund, a pot which is provided by the European Investment Bank and the European Regional Development Fund to back SMEs in the North West of England.
More on The North West Fund for Biomedical:
- Landmark deal for NWF Biomedical
- NWF Biomedical moves past £10 million mark
- Med ePad secures new chairman alongside funding round
Diagnostic Healthcare’s funding injection is the third transaction of the year for The North West Fund for Biomedical following its backing of disposable tourniquet business ASep Healthcare through a £120,000 deal.
Penny Attridge, senior investment director at SPARK Impact, says, ‘The range of services being provided by Diagnostic Healthcare could make a significant impact on the provision of diagnostic imaging in the UK and abroad.
‘We are delighted to make this investment in a high-quality service which is an asset to the North West and to SPARK’s biomedical portfolio.’