New additions to the I-MED network
Further growth in Australia has been on the I-MED agenda since EQT Mid Market entered as owner. Now, the company takes another big leap forward with two strategic acquisitions.
Australian-based I-MED Radiology Network was formed in 2000 and is one of the world’s leading diagnostic imaging providers. The Australian diagnostic imaging market is one of the most advanced in the world, and I-MED offers comprehensive and high-quality services including MRI, CT, Nuclear, PET, X-ray, Ultrasound and Mammography.
Now, I-MED takes the next step on its growth journey. With two new acquisitions (announced on June 14, 2017), the company significantly grows its footprint in the country. The first acquisition is of the majority of Capitol Radiology’s clinics in New South Wales (NSW), representing a unique opportunity to grow the company’s footprint in the Greater Sydney market. The second acquisition is of Sunraysia Medical Imaging, establishing a regional presence for I-MED in Mildura in the region of northern Victoria. Both businesses bring highly regarded doctors, positively contributing to I-MED’s expertise as well as culture and leadership.
“We are very excited about these transactions. I-MED has a track record of smoothly transitioning acquisitions into our national network and we see the opportunity to achieve operational benefits by combining these businesses with I-MED’s well-established NSW business. Expanding the I-MED network will enable us to achieve material synergies”, commented Steven Rubic, CEO of I-MED.
“EQT invested in I-MED because of its market leadership, and expanding the geographical footprint in Australia has been part of the plan since the start. With these acquisitions, I-MED fortifies its leading position and establishes an even stronger base from which to grow in the future”, says Fredrik Åtting, Partner at EQT Partners and Investment Advisor to the EQT Mid Market fund.
For more information about the acquisitions, see the full press release here.