The EQT Mid Market fund, alongside institutional co-investors CDPQ and GIC, acquired a majority stake in I-MED Radiology Network. The deal followed a complex period for I-MED, which had recently refinanced its debt after being controlled by a syndicate of over 40 lenders (led by Ares and Anchorage) following the global financial crisis. EQT's entry was strategically aimed at stabilizing the capital structure and pivoting towards aggressive growth. The investment thesis centered on the advanced nature of the Australian imaging market and the opportunity to leverage EQT's industrial network to improve operational efficiency, win hospital contracts, and pursue add-on acquisitions. The acquisition successfully transitioned the company from lender control back to professional private equity ownership, setting the stage for its eventual billion-dollar exit four years later.

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.