Private equity firm Synova Capital has sold medical diagnostics company 4Ways to ECI Partners, generating a 6x return on its investment.
The transaction produced an IRR of 75%.
4Ways is a tech-enabled tele-diagnostics business based in Hertfordshire which provides round-the-clock clinical reporting on diagnostic images to hospitals and other healthcare providers. It operates 24 hours a day, 365 days of the year.
Synova originally invested in 4Ways in 2015 and supported the business with significant investment in talent and technology to enable the business to scale rapidly, continuously improve quality and develop new service lines. The turnover of the business more than doubled during the investment period.
4Ways currently reports almost a million scans per annum for more than 100 healthcare sites.
Ajay Chadha, CEO of 4Ways, said: “Synova’s collegiate approach, experience and continuous support for investing in our people and our technology has helped us to deliver on 4Ways’ strong potential and position it well for the next exciting stage of its development.”
Tim Ashlin, Partner of Synova, added: “We first identified 4Ways as a rapidly growing business in a developing market two years before we formally partnered together in an off-market transaction and it has been an exciting and rewarding journey ever since. The company continues to go from strength to strength, providing a top quality service which improves the healthcare received by hundreds of thousands of patients each year.”