I-MED RADIOLOGY NETWORK
Acquired by
PERMIRA
I-MED RADIOLOGY NETWORK acquired by PERMIRA
Target
I-MED RADIOLOGY NETWORK
Acquirer
PERMIRA
Context
Permira acquired I-MED from EQT Mid Market and its co-investors (GIC and CDPQ) in a competitive auction process. The transaction was structured as a majority buyout, with the existing management team, led by CEO Steven Rubic, rolling over equity and remaining at the helm. Under EQT's previous four-year ownership, I-MED had significantly expanded its footprint through hospital contracts and bolt-on acquisitions. Permira's entry was designed to drive the next phase of growth by further consolidating the fragmented Australian radiology market, investing in advanced imaging technologies, and exploring potential international expansion (including teleradiology).
I-MED RADIOLOGY NETWORK, which reported an EBITDA margin of LOGIN in 2017, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a level LOGIN the 12.8x average currently observed in the Healthcare & Pharma sector.
Note that 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.
-> Deep-dive in Healthcare & Pharma market trends
Target
I-MED is Australia s largest medical imaging clinic group, operating over 200 clinics nationwide. It provides a comprehensive suite of services including X-ray, PET, CT, MRI, Ultrasound, and Mammography. At the time of the deal, I-MED performed over 4 million patient procedures annually with a staff of more than 3,500, including 300+ radiologists.
Ent. Value
LOGIN
Equity Value
LOGIN
Multiples Analysis
EV / Revenue
LOGIN
EV / EBITDA
LOGIN
EV / EBIT
LOGIN
Historical Financials (EUR)
Other operations with I-MED RADIOLOGY NETWORK
| Date | Acquirer | Target | Country | Sector | Deal Context |
|---|---|---|---|---|---|
| 03/2014 | EQT PARTNERS | I-MED RADIOLOGY NETWORK | AUSTRALIA | Radiology | 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. |
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.