AUCKLAND: Qscan Group announced the completion of an agreement to purchase Envision Medical Imaging, Perth’s largest privately owned medical imaging clinic.
Envision Medical Imaging is the preeminent private medical imaging business in Western Australia, employing 23 doctors and operating across two locations in Perth. Envision provides a range of diagnostic imaging services including MRI and PET-CT services.
The acquisition of the Envision clinics brings Qscan’s Australian clinic footprint to 81 sites supported by over 130 doctors.
Qscan CEO Chris Munday said, “we are passionately committed to investing in high quality, market leading radiology groups and our acquisition of Perth’s Envision Medical Imaging, a leading Western Australian diagnostic imaging group, reinforces this commitment”.
“Dr Brendan Adler and his team have built an exceptional reputation in the Perth market for quality and innovation which we will continue to support and build on. Our investment in the Perth market is set to grow and the Envision network of doctors, patients and referrers is a key part of this growth strategy”.
Infratil CEO Jason Boyes highlighted that “last year, Infratil took a majority stake in Pacific Radiology, a large New Zealand radiology business, and subsequently partnered with Auckland Radiology and Bay Radiology creating a scaled New Zealand entity. The acquisition of Envision by Qscan follows a similar path and provides further scale and synergies to Infratil’s wider Australasian healthcare platform”.
On completion of the acquisition, Infratil will own approximately 55.1 % of Qscan. The acquisition was funded from Qscan’s existing bank facilities and reinvestment by Envision doctors. The Envision doctors have reinvested a significant portion of their sales proceeds into the equity of the combined entity, consistent with Infratil’s existing radiology businesses.
Envision Medical Imaging founder and CEO Dr Brendan Adler will be staying with the business to help Qscan develop and grow in the Perth market. He commented “We are excited to be joining the Qscan Group, which like Envision has an enviable reputation for providing high quality diagnostic imaging and patient care supported by an outstanding team of clinicians and support staff.”
“Our teams are excited about the future potential for growth in Western Australia and we look forward to working with our Qscan colleagues to share learnings and opportunities in our exciting and ever-changing industry.”
Envision is expected to contribute EBITDA of A$5 million to the Qscan Group.