CLIENT:
Mi Healthcare
Region:
North West
sector:
Healthcare
FUNCTION:
Finance, Sales & Marketing

Background

Mi Healthcare is a leading medical diagnostic imaging business, with public and private sector clients including the NHS. The Founder was starting to consider their role and therefore needed to develop a succession plan, having just taken on PE investment

With an EBITDA of £0.1m, but with ambitious growth plans the Founder appreciated there was a lack of financial leadership with the relevant experience for the desired growth journey post-investment. As the Founder prepared to step back post-investment the business was also looking to diversify routes to market to accelerate the desired growth.

Rowan worked closely with the CEO Mark Edwards and Founder Tim Dickinson, to understand the role requirements against the Value Creation Plan.

Journey

Having identified the need for an immediate CFO, who could step up to CEO, Rowan consulted with Foresight and the Board at Mi Healthcare, to identify the skills and attributes required by the impending hire.

Despite the challenge of a limited candidate pool due to the niche and specialist sector, the executive search team at Rowan were able to identify candidates with significant, situational experience of complex solution selling, and multiple stakeholder handling.

Through Rowan’s executive search and assessment process, Mark Edwards was appointed as CFO, and subsequently John Dickinson was placed as Business Development Director. John brought extensive experience of solution selling within the equipment diagnostic industry.

"The business has achieved considerable success, underpinned by key appointments in our senior team, the vision of Foresight and the support of Rowan. This culminated in a sale to Probo Medical."
Mark Edwards, CEO

Impact

As CFO Mark spearheaded the business’ financial strategy and took it on a growth journey from £0.1m to £1.8m EBITDA. Subsequently Mark was promoted to CEO in 2021, allowing Tim Dickinson to step down to an Exec Director position.

The newly appointed Business Development Director, John Dickinson, went on to lead the diversification of revenue streams and together with CFO Mark, led the company on a growth journey which contributed to a PE sale and 4.1x return

"After Foresight invested, we engaged with Rowan to appoint a CFO who could support the transition of the business from Private Capital to PE-backed. We found this in Mark Edwards, and we worked with Rowan again"
Matt Pomeroy, Director, Foresight
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