European equity firm EQT Mid Market said it will acquire Australia-based I-Med Radiology Network, one of the largest medical imaging networks in the country.
I-Med was formed in 2000 and offers diagnostic imaging services including x-ray, PET, CT, MRI, nuclear medicine, ultrasound, mammography, and interventional procedures. I-Med operates 200 medical imaging clinics covering all major metropolitan areas and significant parts of rural and regional Australia.
Each year, more than 4 million patient procedures are performed by the company's 300 radiologists, 50 nuclear medicine physicians, and 3,500 staff members. Fiscal-year 2013 revenues amounted to approximately 515 million Australian dollars ($469 million U.S.) with earnings before interest, taxes, depreciation, and amortization (EBITDA) of 80 million Australian dollars ($73 million U.S.).
Closing of the transaction is expected in April 2014, subject to customary regulatory approvals. Caisse de Dépôt et Placement du Québec of Canada and GIC of Singapore will be investing alongside EQT Mid Market.
