A Permira funds-supported company is set to acquire I-MED Radiology Network, the largest provider of diagnostic imaging services in Australia.
The acquisition, outlined in a signed agreement, will transfer ownership of the imaging clinic group’s 200 clinics from EQT Mid Markets funds and other shareholders, with the investment from the Permira funds set to help I-MED grow and expand its services and geographic footprint organically and through acquisitions.
“The Permira team shares our vision, and we are excited by the opportunity to work with them to execute on the next phase of I-MED’s strategy, continuing to invest in the existing clinic network, alongside exploring further consolidation opportunities, investment in advanced technologies and potential international expansion,” Steven Rubic, CEO of I-MED, said in a statement.
The agreement provides the company with I-MED’s more than 300 radiologists, 50 nuclear medicine specialists, and 3,500 staff members.
It also is the Permira Funds’ first investment down under and its first health care investment in Asia-Pacific.
“As we expand our footprint across Asia Pacific, we are delighted to announce the Permira Funds’ first investment in Australia,” Alex Emery, head of Permira Asia, said in a statement. “We look forward to working with the I-MED team to explore growth opportunities in the region and globally.”
The transaction is expected to be completed in February 2018. The fund’s equity for the investment is derived from Permira’s global buyout fund Permira VI.
The name of the specific company acquiring I-MED was not disclosed.
