I-MED Radiology makes significant New Zealand acquisition

I-MED Radiology makes significant New Zealand acquisition

1 November 2021

I-MED Radiology Network, Australia’s leading radiology provider, has entered into an agreement to acquire Hamilton Radiology and Midland MRI. I-MED entered the New Zealand teleradiology market earlier this year, and this acquisition is I-MED’s first major investment in radiology clinics in the New Zealand market.

Hamilton Radiology and Midland MRI is a high-quality business that provides a comprehensive range of medical imaging procedures including MRI and PET/CT services to the communities of Waikato, Bay of Plenty and Rotorua.  Comprising 17 clinics located across the North Island, the business is led by a team of 25 experienced radiologists highly regarded for their sub-specialist expertise. 

Dr Shrey Viranna, I-MED CEO, said that Hamilton Radiology and Midland MRI has a strong cultural and organisational fit with I-MED, leading the provision of high-end radiology services to its communities in the North Island.

“We are delighted that Hamilton Radiology and Midland MRI have decided to join I-MED. The acquisition is consistent with our objective of acquiring culturally aligned businesses which will enhance and extend I-MED’s leading radiology network.  Hamilton Radiology and Midland MRI has an outstanding reputation in New Zealand for providing exceptional service to its patients and referrers. Its track record of clinical leadership and pioneering services such as MRI and PET/CT in its markets makes the business an excellent fit with I-MED,” continued Dr Viranna.

“Over the last three years we have continued to grow strongly in Australia both organically and through acquisitions, and it is exciting to expand our service offering across the Tasman. We look forward to welcoming Hamilton Radiology and Midland MRI’s radiologists and staff to I-MED and will partner with the team as they continue to deliver, and grow, the high-quality imaging services provided to referrers and patients,” Dr Viranna added.

Sebastian Hoffmann, who leads Permira’s healthcare activities in Asia-Pacific and serves on the board of I-MED, commented: “We are delighted to support I-MED’s growth into the attractive New Zealand imaging market, with the acquisition of the high-quality Hamilton Radiology and Midland MRI business. We remain excited about the future prospects of I-MED as a leading platform in diagnostic imaging, not only in Australia but globally, and will continue to support the company in its strategic growth agenda, including the advancement of its technological leadership through teleradiology and artificial intelligence.”

The acquisition is subject to customary regulatory and third-party consents and is expected to complete by early next year.