Houlihan Lokey Advises Duke Street

Houlihan Lokey is pleased to announce that Duke Street LLP (Duke Street), a leading European middle-market private equity group, has agreed to acquire AGITO Medical A/S (AGITO) from the Dutch conglomerate Philips. AGITO is a provider of mobile rental solutions and a supplier of preowned imaging equipment and spare parts to the healthcare industry. Houlihan Lokey served as the exclusive financing advisor to Duke Street on the transaction, which is expected to close during Q3 2024.

Founded in 2004 in Denmark, AGITO offers hospitals and clinics a flexible and tailored rental service of mobile imaging equipment, with or without additional services such as staffing. AGITO also offers an extensive selection of spare parts to hospitals, clinics, biomedical engineering departments, and service providers. Since Philips acquired AGITO in 2018, the business has grown significantly, expanding its operations to multiple international markets and delivering rental solutions across numerous countries, including Germany, France, Ireland, and the U.K. With c. 45 employees and a fleet of more than 50 rental units, AGITO is one of Europe’s top three medical imaging rental businesses.

Duke Street is a leading U.K. private equity firm that has been investing in western European businesses for more than 20 years and concentrating on four sectors: consumer, healthcare, industrials and engineering, and services. Duke Street traditionally invests in companies with an enterprise value ranging from £50 million to £350 million, having already invested in excess of €600 million in the healthcare sector since 1997. Duke Street has invested over €2.5 billion in more than 50 companies over the past 25 years and has achieved strong returns in excess of 25% IRR since inception.

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