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12/2024

IMDEV acquired by CAPZA

FRANCE Health Providers / Outpatient Care / Radiology REV 100M - 200M EUR

Context

The transaction involves a primary Owner Buy-Out (OBO) where Capza and Bpifrance acquire a minority stake in Imdev to support its next phase of pan-European scaling. This capital injection includes a significant capital increase and a cash-out component for historical shareholders. The strategic rationale is centered on accelerating a nationwide build-up strategy, with a target of 15 to 30 additional acquisitions per year to double the group's size. Financially, the deal is supported by a unitranche debt facility provided by ICG, which was restructured to accommodate the group's new growth ambitions. This platform investment highlights the ongoing institutionalization of the French medical imaging market, where specialized financial sponsors provide the dry powder necessary for heavy equipment modernization and digital transformation, particularly in AI and tele-radiology.

IMDEV, which reported an EBITDA margin of in 2023, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the Healthcare & Pharma sector (14.3x).

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Target

Imdev is a premier French medical imaging network that has rapidly ascended to a leadership position within the highly regulated healthcare infrastructure sector. Founded in 2019 by radiologists, the group operates a comprehensive network of 120 centers (2024), with a particularly dominant footprint in the Île-de-France region. Its business model integrates a wide spectrum of diagnostic services, including classical radiology and nuclear medicine, through a presence in both urban private practices and public-private partnerships within hospitals and clinics. The company employs approximately 1,000 staff members, including 200 liberal radiologists, and leverages an advanced technical platform to deliver high-quality medical acts.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2023
2022

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REFERENCES

Revenue range: 100M - 200M EUR

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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: imdev

Acquirer: capza