Crescent Capital has hired Bank of America as it officially places its Australian Clinical Labs business up for sale.
It comes after the private equity firm was in negotiations to sell the operation to Healius last year.
However, while talks occurred between both groups, a transaction never happened.
ACL - the third largest pathology player in the Australian market - comprises Healthscope’s former pathology assets, which were purchased five years ago for $105m.
It also includes the operations formerly owned by St John of God and is set to sell for a price worth hundreds of millions of dollars.
Among parties that may take a look are BGH Capital, while Healius might once again cast its eye over the operation.
Sonic Healthcare - a dominant industry player - is expected to be precluded from being involved in a transaction due to competition concerns.
The sale by Crescent follows the acquisition by the private equity fund of PRP Diagnostic Imaging, with DataRoom revealing on May 28 that it was poised to buy the business.
PRP had been for sale for a price of about $300m.
Crescent, founded by managing partner Michael Alscher, also looked at the medical centre assets also recently sold by Healius.
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