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Gus Iversen, Editor in Chief | July 14, 2024
Duke Street, a leading European mid-market private equity group, has agreed to acquire AGITO Medical from Philips.
Founded in 2004 in Denmark, AGITO is a provider of mobile rental solutions and supplier of pre-owned imaging equipment and spare parts to the healthcare industry. The company offers hospitals and clinics a flexible and tailored rental service of mobile imaging equipment across CT, MR, and cath labs, with or without additional services such as staffing.
James Almond, managing partner at Duke Street, characterized the investment as a "classic" deal for the private equity firm; "a carve-out from a globally recognized business, acquisition of an excellent healthcare product and a talented team that we back, fueled by an investment program that will create value for all."
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Europe's medical imaging rental market is currently worth approximately €500 million, and is predicted to grow by 6-7% over the next few years.
Duke Street’s injection of investment into AGITO is poised to strengthen the company's capability to provide quality equipment and highly skilled radiographers, ensuring the business can address the complex needs of healthcare providers today.
Since 1997, Duke Street has invested €600 million in the Healthcare sector. In September 2022, it sold the medical instrument business Medi-Globe Group to DCC Healthcare for approximately €245 million.
At the 2024 European Congress of Radiology annual meeting, AGITO showcased a Philips
helium-free MR with BlueSeal magnet technology in one of its mobile trailers. AGITO’s expert team manages the full life cycle of its inventory on behalf of clients, from second-hand purchase to rental, resale, and repair.
Since
Philips acquired AGITO in 2018, the business has grown significantly and expanded its operations to multiple international markets, delivering rental solutions across numerous countries, including Germany, France, Ireland, and the U.K. Today, the company has 47 employees and a fleet of nearly 50 rental units. This makes AGITO one of Europe's top three medical imaging rental businesses.
