Radiology Partners reportedly eyeing international expansion
Imaging industry giant Radiology Partners is reportedly eyeing international expansion, according to a report published late Sunday.
America’s largest radiology group has purportedly considered making a bid to buy its Australian counterpart. Based in Sydney, the I-MED Radiology Network operates 240-plus clinics and generated approximately $176 million in adjusted earnings last year, the Australian reported April 12.
The news outlet claims Rad Partners has approached private equity firm Permira, which owns I-MED, about a potential sale. This, it claims, is after RP also previously submitted a bid to buy Everlight Radiology, a private equity-backed telerad group with dual headquarters in London and Sydney.
Rad Partners shared a statement in response to the report on Monday.
“Radiology Partners does not comment on speculation regarding potential transactions," a representative told Radiology Business. "We continuously evaluate opportunities that align with our long-term strategy and mission to improve patient care, but we have nothing to share at this time."
I-MED itself recently entered the U.S. market in 2024, acquiring San Diego-based StatRad, the second largest telerad provider in the country at the time. Permira has reportedly explored a possible sale of I-MED in recent months, as part of a broader retreat from the Asia-Pacific market. However, unable to find a favorable deal, the PE firm has pivoted to potentially taking I-MED public through an initial stock offering.
The Australian said Jefferies is advising I-MED on a possible sale while Rad Partners “may be” advised by Bank of America. It contended that RP’s previous bid for Everlight Radiology demonstrates an “appetite for the local market, despite being yet to make an entry.”
“For Radiology Partners, an I-MED acquisition would represent a significant international expansion and provide an immediate foothold in the Australian market,” the Australian’s Bridget Carter wrote Sunday. “The company’s scale and technology focus could appeal to Permira as a credible alternative to an IPO, particularly if market conditions remain challenging.”
Editor's note: This story has been updated to include a comment from Radiology Partners.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.