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M&A

GROUPE IMAGERIE CARDINET

Acquired by

ANDERA PARTNERS

FRANCE Health Providers REV [1m EUR - 100m EUR] 12/2023

Target

GROUPE IMAGERIE CARDINET

Acquirer

ANDERA PARTNERS

Context

Andera Acto is providing minority financing to Imagerie Cardinet to support its next phase of expansion. The transaction is structured to allow the associate radiologists to maintain a massive majority, representing approximately 95% of the capital. This strategic funding provides the group with a development envelope of nearly EUR100 million to finance external growth. The investment strategy aims to reinforce the group's presence in the Paris region and initiate its expansion on a national scale, with several new centers expected to join by the end of the year. The operation also facilitates the entry of seven new associate radiologists into the capital structure, further strengthening the group's medical-led entrepreneurial model.

This transaction is part of the Healthcare & Pharma industry, which currently tracks an average EBITDA multiple of 12.8x since the beginning of 2026, 1.8% increase compared to 2025. This data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Founded in 1980, Groupe Imagerie Cardinet is a leading medical imaging player in the Paris region. Historically specialized in women s and pediatric imaging, it has evolved into a multidisciplinary group with 14+ centers. It operates under an entrepreneurial model where physicians retain a strong majority of the capital.

Ent. Value

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Equity Value

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Multiples Analysis

EV / Revenue

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EV / EBITDA

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EV / EBIT

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Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2024
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2023
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Other operations with GROUPE IMAGERIE CARDINET

DateAcquirerTargetCountrySectorDeal Context
11/2024GROUPE IMAGERIE CARDINETRADIOLOGIE PARIS OUESTFRANCERadiology

Groupe Imagerie Cardinet acquired 100% of Radiologie Paris Ouest from its previous majority shareholder, Azulis Capital, which had held a stake since 2019. The transaction was financed with the support of Andera Acto (Andera Partners' sponsorless/mezzanine arm), which had already invested in Cardinet in 2023. A critical feature of the deal is the significant reinvestment by RPO's 20 radiologist-associates, who rolled over more than 50% of their proceeds into the combined holding company. This merger creates a major regional champion in the Ile-de-France area, with a combined pool of over 60 partner-physicians and a dense network of centers across Paris and its western and eastern suburbs.

mynth data is contributed by M&A / PE professionals and systematically cross-verified against private deal documents and official releases. All source materials are destroyed post-validation to guarantee data anonymity and compliance.