London- and Singapore-listed Jardine Matheson, an Asia Pacific-focused investment company, has agreed the acquisition of I-MED Radiology Network, a global diagnostic imaging and teleradiology business based in Australia, from funds advised by UK-based global investment firm Permira for a total enterprise value of AUD3.4bn (US$2.4bn). The transaction also includes I-MED’s minority interest in Harrison.ai, a developer of radiology AI solutions including CT brain and chest scans.
I-MED is the largest combined diagnostic imaging platform in Australia and New Zealand, operating an integrated network of 215 diagnostic imaging clinics across metropolitan and regional communities. The company delivers comprehensive imaging services across all modalities – including MRI, CT, X-Ray, Ultrasound and Nuclear Medicine – performing over seven million patient procedures per year.
“I-MED have a first-class management team, which have not only driven consistent earnings growth, but have stayed at the cutting edge of innovation, including bold steps into AI which will allow them to strengthen their market-leading position,” said Lincoln Pan, CEO of Jardines. “I-MED is already a market leader in radiology today, and we expect the business will expand further in I-MED’s core markets as well as new markets.”
Over the five-year period ending June 2025, I-MED delivered compound growth in revenues and adjusted EBITDA of 11% and 12%, respectively. Jardines aims to scale the business to maintain high levels of growth in the medium term.
The deal is valued at approximately 11.5x forecasted adjusted EBITDA for the 12 months ending June 2026 for the core business – excluding the stake in Harrison.ai. The transaction is to be funded from cash on balance sheet from recent capital recycling initiatives and debt.
“This is an exciting new chapter for I-MED,” said Dr Shrey Viranna, CEO of I-MED. “We are looking forward to working with Jardines, well known as a long-term investor and owner in the region, to execute on our growth agenda.”
Permira acquired EQT’s stake in I-MED Radiology Network in 2018 for AUD1.3bn.
“I-MED has transformed since 2018 into something well beyond the largest diagnostic imaging platform in the region,” said Silvia Oteri, partner and global head of Healthcare at Permira. “Today, it is a scaled business that has embraced AI and technology without losing sight of what makes it special.”
Jardines was advised by Rothschild and Co as exclusive financial adviser; Allens, Linklaters, Chapman Tripp as legal advisers; and EY-Parthenon as financial and tax adviser.
Press release: Permira Agrees Sale Of I-MED Radiology Network to Jardine Matheson
