Private equity firm selling radiology network for $2.4B

Private equity firm Permira is selling Australia’s largest radiology provider—which recently entered the U.S. through acquisition—for $2.4 billion (USD), those involved announced Monday. 

Hong Kong-based multinational conglomerate Jardine Matheson is the buyer, snatching up a 100% ownership stake in the I-Med Radiology Network, which had previously considered a possible public stock offering. 

Founded in 2000, I-Med operates a network of 215 diagnostic imaging centers across Australia and New Zealand, altogether handling about 7 million procedures annually. It also recently expanded into the United States with the 2024 acquisition of San Diego-based StatRad—America’s second largest teleradiology provider at the time.

The deal also includes a minority stake in Australian artificial intelligence firm Harrison.ai, which I-Med had held previously. 

“As a long-term committed investor, our goal is to build larger, high-quality businesses across our portfolio,” Lincoln Pan, CEO of Jardine Matheson, said in a statement May 25. “I-Med is already a market leader in radiology today, and with Jardine’s support, we expect the business will expand further in I-Med’s core markets as well as new markets.”

London-based Permira first bought the I-Med Radiology Network from fellow private equity firm EQT in 2018. It paid nearly $900 million at the time, according to local media reports, with Monday’s sale representing a nearly 39% return on investment. I-Med has “significantly grown” its footprint since the sale to Permira, completing a serious of “strategic acquisitions to cement its position as a regional market leader.” 

While owning the radiology group, Permira said its growth strategy has focused on three pillars—network expansion, AI transformation/digital infrastructure, and clinical excellence. It claims I-Med has become one of the “earliest and most ambitious adopters of artificial intelligence in radiology globally” during its ownership tenure. This included initiating a joint venture with Harrison.ai in 2019 to develop new imaging AI tools. I-Med today provides the full range of imaging services, employing a team that includes 500 radiologists in Australia.

“When we backed I-Med in 2018, we saw a business with a strong market position and a deeply trusted clinician network, operating in a sector where structural tailwinds are exceptional—diagnostic imaging is at the heart of modern preventive medicine,” Silvia Oteri, partner and global head of healthcare at Permira, said in a statement. “In the years since, the I-Med team has built something well beyond the largest diagnostic imaging platform in the region; today, it is a business that has embraced AI and technology without losing sight of what makes it special, which is the quality and trust of its clinical relationships and its unwavering focus on its patients.”

In rationalizing the sale, Jardines touted the radiology group’s strong leadership team, which has delivered consistent earnings growth while also staying at the “forefront of innovation.” Jardines said its capital will help support investment to scale the imaging business and explore new markets while “maintaining high levels of growth in the medium term.” The buyer sees attractive valuation in the deal, at approximately 11.5x forecasted adjusted earnings (before interest, taxes, depreciation and amortization) for the core business (excluding Harrison.ai) in the 12 months ending June 2026. 

Over the five months leading to June 2025, I-Med delivered compound growth in revenues and adjusted EBITDA of 11% and 12%, respectively. Jardines said it’s confident the company will sustain high computed growth in the medium-term through continued investment in Australia and New Zealand, along with growing its teleradiology business in the U.S. and elsewhere. The buyer plans to fund the deal through a combination of existing cash resources and debt. Those involved said they hope to close the transaction by the end of 2026, subject to regulatory approval. 

“We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda,” added Dr. Shrey Viranna, CEO of I-Med. “This means continuing to deliver high-quality, expert diagnostic services for the benefit of patients while also enhancing our service offering, implementing AI solutions and exploring international growth opportunities.”