Leeds investment fund Solingen provides significant backing to Burgess Diagnostics

Solingen Private Equity, the Leeds-based investment fund, has given financial support to Burgess Diagnostics, a provider of mobile imaging services to the veterinary sector.

The funding will allow Preston-based Burgess to invest further in new scanners and grow the number of veterinary establishments it services in the UK.

Burgess was founded in 2003 to take MRI and CT scanning services, previously reserved for human medicine, to veterinary surgeons and pet owners.

The business currently has a network of 65 scanning sites across the UK. The veterinary services sector is worth an estimated £3bn a year and is forecast to continue growing at more than 4% per annum through to 2020.

Mike Hadfield, managing director of Burgess, said: “This is an exciting time for Burgess Diagnostics as we continue to accelerate our ambitious growth plans. Previously reserved for human medicine, MRI and CT scanning procedures are safe and highly effective methods of producing clear cross sectional images of the body.

“At Burgess Diagnostics, our main objective is to make these valuable diagnostic tools accessible and affordable for veterinary surgeons and pet owners alike.

“We are confident that with Solingen’s hands-on approach and understanding of our business they are the perfect investment partner for Burgess at this stage in our development journey.”

Paul Betts, investment director at Solingen Private Equity, added: “We look forward to partnering with Mike and his team to support their growth plans. This is exactly the type of business where we believe Solingen can add value by providing equity growth finance and supporting management.”

Richard Goldsack, partner at Grant Thornton in Leeds who advised the shareholders of Burgess, also said: “Burgess Diagnostics is a fantastic example of a business identifying and establishing a new niche market and driving growth through a focus on clinical expertise and customer service.

“It is a privilege to support Burgess Diagnostics on this journey by bringing the company together with a private equity investor of the calibre of Solingen.”

Jill Bolton and Duncan Morpeth from Grant Thornton also worked on the deal. Other advisers involved in the deal were Squire Patton Boggs (Paul Mann and Louisa Hine), who advised the shareholders and management, Schofield Sweeney (Adrian Ballam and Catherine Umpleby) and RSM (Stephen Green and Rob Atkinson).