PE trio near €400m Australia buyout

EQT has teamed with GIC and La Caisse to acquire radiology company I-MED.

Major shareholders in Australian healthcare business I-MED Network Radiology are in the final stages of accepting a buyout offer from a consortium led by private equity firm EQT Partners, according to statement.

The financial details of the deal were not disclosed, but local media reported the deal could be worth A$400 million ($360 million; €261 million).

I-MED declined to comment further than the statement and no one at EQT was available for comment by press time.

EQT is joined by Singapore's GIC Private and La Caisse de dépôt et placement du Québec of Canada. The deal is subject to “all conditions being satisfied” and is expected to close by the end of June. 

GIC also partnered with EQT in 2009, when the pair invested in German academic publisher Springer Science. The firms reportedly sold the business in June last year to BC Partners for €3.3 billion.

EQT has invested in a number of healthcare businesses globally, including Southeast Asian elderly care provider Econ Healthcare. Other similar portfolio companies include Scandinavian healthcare firm Aleris and Terveystalo, a private healthcare provider in Finland.

“EQT will bring a well-earned reputation for developing healthcare businesses around the world together with plans to commit resources and expertise to our business,” I-MED Chairman, Paul McClintock, said in a statement.

“A great deal has been achieved over the last three years as we stabilised I-MED and established a clear strategic direction. EQT’s proposed investment is a tribute to the vision of our current owners and the dedication shown by management, doctors and staff,” he added.

EQT also recently closed its latest fund on €1.1 billion after about a year in the market, Private Equity International reported earlier.

It is unclear if GIC or Caisse are investors in the vehicle.

EQT launched the fund after merging its Expansion Capital Fund team and Greater China Fund team, although the respective two existing funds will not merge.

The new joint vehicle will target middle market buyouts and growth equity investments in Northern Europe, Greater China and Southeast Asia, expecting to deploy around a third of its capital in Asia Pacific, a source told PEI earlier.