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Diagnostic imaging provider sold to private equity firm
Three firms have advised on the sale of a leading diagnostic imaging provider.
Emma Musgrave
Firms: Herbert Smith Freehills (EQT); Latham & Watkins (Permira); Clayton Utz (Permira)
Value: Undisclosed
Area: M&A
Key players: The legal team advising EQT was led by Herbert Smith Freehills corporate partner Mark Currell, who was supported by executive counsel Nicole Backhouse, senior associates Jacob Kahwaji and Adam Charles, and solicitors Rebekah Lam and Jill Davis.
HSF partner Hayley Neilson led the finance aspects of the transaction with the support of senior associates John Erbacher and Nikki Smythe.
Deal significance: Both EQT and Permira are private equity firms.
EQT’s I-MED Radiology Network is described as the leading diagnostic imaging provider in Australia, performing almost 5 million procedures across 204 clinics each year.
“EQT, together with its co-investors GIC and Caisse de dépôt et placement du Québec, acquired I-MED in April 2014,” a statement from HSF said.
“During EQT’s ownership, the I-MED business experienced substantial organic growth, increased scale through multiple add-on acquisitions and invested significantly in new equipment and technology. The sale of I-MED to Permira is reflective of EQT’s positive contributions to the I-MED business throughout its ownership.
“The transaction required wide-ranging specialist expertise from across the firm, including in the areas of mergers and acquisitions, banking and finance, real estate and health care.”
Commenting further on the transction, HSF partner Mark Currell said: “We have worked closely with EQT and the I-MED management team for nine months to bring this marathon deal to fruition, and we are delighted with the outcome”.
“A transaction of this size requires no shortage of effort, and the dedication of the EQT, I-MED and Herbert Smith Freehills teams through to completion is to be commended,” he added.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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