Street Talk

PE-backed Lumus Imaging agrees terms to buy Newcastle radiology biz

Sarah Thompson, Kanika Sood and Emma Rapaport

May 28, 2025 – 2.48pm

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Affinity Equity Partners-backed Lumus Imaging isn’t mucking around on its well-telegraphed plan to turbocharge growth under new ownership.

Just four weeks after Affinity completed its $900 million-plus acquisition to carve out Lumus from ASX-listed giant Healius, Street Talk can reveal the Dr Phil Lucas and Neil Burley led-Lumus has signed its first bolt-on deal, snapping up In Focus Radiology.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.