Private equity owner of Australia’s largest radiology firm, which just entered U.S., eyes nearly $2B sale
The private equity owners of Australia’s largest diagnostic imaging provider I-MED, which just entered the U.S. through a teleradiology acquisition, are hoping to unload the firm for nearly $2 billion.
Permira is potentially working toward a September sale of the company, the Australian Business Review reported Thursday. Companies such as Bain and MSI are “understood to be keen” on the physician group, the report noted.
Earlier this month, I-MED Radiology Network announced it had reached a deal to acquire San Diego-based teleradiology group StatRad. Leaders said they had been searching for a target to expand into North America, seeing parallels with its home market.
Currently, teleradiology accounts for about 10% of I-MED’s revenue, with physicians handling over 1 million reports annually across 170 hospitals in Australia and New Zealand. Leaders did not disclose terms of the deal, which was finalized July 1.
As it seeks a buyer, I-MED is projecting that it will generate nearly $164 million (USD) in earnings before interest, taxes, depreciation and amortization, the Business Review noted. The company also has reportedly offered top radiologists “an opportunity to buy into the business.”
PE firm Permira first purchased I-MED in 2018 for over $852 million (USD), the report noted.
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Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.