Refinancing next move on table for Permira’s I-MED Radiology Network after sale fail

I-MED has more than 240 radiology clinics across Australia. Picture: iStock

Private equity firm Permira is looking at a refinancing of its I-MED Radiology Network ahead of its listing plans next year, say sources, after a sale process failed to eventuate in a deal.

DataRoom understands that the move to refinance the loans will also see some of the minority owners, which include doctors, receive a payout on their investment.

This column reported last week that Permira’s sale plans for I-MED had transitioned to listing plans after suitors would not pay up for the country’s largest diagnostic imaging provider.

DataRoom reported last month that negotiations for New York-based infrastructure investor Stonepeak to buy I-MED had come to an end without any deal being cemented.

I-MED was the subject of a sale process in 2024 run by Morgan Stanley and Jefferies, and the final two parties in the mix were understood to be Macquarie Asset Management and Bain Capital.

However, it is understood both groups were not prepared to meet the company’s $3bn-plus price expectations.

I-MED was slated for a listing in 2015, before it was snapped up by Permira in 2018 from EQT for $1.3bn, or 11 times its earnings.

The business will join others refinanced in the past year by its private equity owners after a sale process failed to bring about a satisfactory outcome.

I-MED has more than 240 clinics across Australia and has been forecasting about $250m of annual earnings before interest, tax, depreciation and amortisation.