EQT acquires Australia’s I-MED Radiology Network


medical monitorPrivate equity firm EQT Mid Market has agreed to buy Australian diagnostic imaging network I-MED Radiology Network.

Caisse de dépôt et placement du Québec of Canada and Singapore-headquartered GIC will invest in the company alongside EQT, the firm said in a statement.

EQT said that I-MED aims to further develop and grow its operations in Australia and potentially expand into Asia.

I-MED was launched in 2000 and currently offers diagnostics imaging services including X-ray, PET, CT, MRI, nuclear medicine, ultrasound, mammography and interventional procedures.

The company operates 200 clinics covering all major metropolitan areas and significant parts of rural and regional Australia.

Last year I-MED posted an EBITDA of A$85m ($77.5m) on revenues of around A$515m.

EQT partner Simon Griffiths said, “I-MED, with its high quality and comprehensive service offering, as well as its unique network and scale, is a very impressive company poised to take the next step in its development.

“EQT Mid Market looks forward to using its extensive experience in the sector in order to support management in developing and expanding the business.”

Last month EQT said it was in final stage talks to buy I-MED from its hedge fund owners.

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