ALLIANCE MEDICAL acquired by ICON INFRASTRUCTURE
Context
Life Healthcare has agreed to sell 100% of Alliance Medical Group to iCON Infrastructure in a major cross-border carve-out. The transaction allows Life Healthcare, a South African hospital operator, to monetize its European assets and return capital to shareholders, while retaining its separate R&D division (Life Molecular Imaging). For iCON, the acquisition represents a strategic entry into the healthcare infrastructure space. The investment thesis treats diagnostic imaging networks as "critical infrastructure" essential for national health systems, offering stable cash flows and resilience against economic cycles. iCON plans to support the management team in expanding the network of scanning centers and radiopharmacy facilities.
In the past, Alliance Medical was acquired by Life Healthcare in 2016 as part of its expansion strategy.
ALLIANCE MEDICAL, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of [members only], to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).
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Target
Alliance Medical is Europe’s leading independent provider of medical imaging services, specializing in outsourced diagnostic solutions for both public and private healthcare systems. Headquartered in the UK, the company operates an extensive pan-European network of over 200 sites across countries including the UK, Italy, Germany, Ireland, and Spain. Its business model is built on long-term, mission-critical partnerships (notably as a Tier 1 partner to the NHS) where it provides MRI, CT, PET-CT, and molecular imaging services through fixed centers and a fleet of high-tech mobile units. The organization integrates the entire imaging value chain, from infrastructure development to clinical service delivery and radiopharmaceutical production.
Ent. Value
£500M–1.5bn
Equity Value
[members only]
Multiples
EV / Revenue
[members only]
EV / EBITDA
[members only]
EV / EBIT
[members only]
Historical Financials (GBP)
Other operations with ALLIANCE MEDICAL
Other operations with ALLIANCE MEDICAL
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2016 | LIFE HEALTHCARE | ALLIANCE MEDICAL | UNITED KINGDOM | Radiology |
Similar deals in Providers & Facilities
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 11/2016 | LIFE HEALTHCARE | ALLIANCE MEDICAL | UNITED KINGDOM | Radiology |
Other operations with ICON INFRASTRUCTURE
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 06/2018 | ICON INFRASTRUCTURE | EcoEridania | ITALY | Hazardous Waste |
REFERENCES
Valuation range: EV £500M–1.5bn
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: alliance medical
Acquirer: icon infrastructure