Street Talk

PEP bows out at Advent’s Imaging Associates

Sarah Thompson, Kanika Sood and Emma Rapaport

Apr 8, 2025 – 11.42am

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Dealmakers who missed out on Advent Partners’ $25 million-a-year radiology business, Imaging Associates, need fret no longer. The negotiations with Pacific Equity Partners have fallen flat.

Street Talk understands PEP’s Secure Assets team has packed its bags and checked out of the sale of Imaging Associates Australia, which has 12 clinics in Melbourne, Gippsland and Wagga Wagga and has doubled earnings since Advent’s arrival in 2021. It comes after the buyout firm weighed ASX-listed Integral Diagnostics as a potential target last year amid an internal push to get into the radiology sector.

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.