January 28, 2018 / 1:30 AM / a year ago

Permira to buy Australian radiology company I-Med

MELBOURNE, Jan 28 (Reuters) - Swedish private equity investor EQT Holdings has agreed to sell its Australian radiology company to a fund backed by global investment firm Permira, less than two months after it withdrew its attempts to sell the company after failing to attract satisfactory offers.

I-MED Radiology Network (I-MED) is the largest provider of diagnostic imaging services in Australia, with more than 200 clinics and four million patient procedures every year.

Permira announced the purchase on Sunday morning but did not disclose the price. Current chairman Paul McClintock, chief executive Steven Rubic, chief financial officer Clare Battellino and their team will continue in their roles, the statement said.

“As we expand our footprint across Asia Pacific, we are delighted to announce the Permira Funds’ first investment in Australia. We look forward to working with the I-MED team to explore growth opportunities in the region and globally,” Alex Emery, head of Permira Asia, said.

The announcement was made less than two months after EQT Holdings withdrew its attempts to sell I-MED Radiology Network.

EQT, which acquired I-MED in 2014, launched the sale in a process led by Morgan Stanley in early 2017, having cancelled a share market flotation in 2015, citing volatility in global markets at the time.

The purchase is Permira’s first investment in Australia and the first healthcare investment in Asia Pacific.

Reporting by Alana Schetzer; Editing by Chris Reese

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