Qscan Group today announces it has entered into a conditional Share Purchase Agreement to acquire South East Radiology.
South East Radiology is a leading radiologist-owned group consisting of 11 clinics located in the South Coast region of NSW and has provided a full spectrum of services including Ultrasound, MRI, X-Ray, CT and Nuclear Medicine, for over 25 years.
Qscan Group Chairman, Mr Marcus Darville said, “We are delighted to announce our investment in South East Radiology which joins Qscan Group at an exciting time as we expand nationally through the opening of new clinics and driving the growth of our network of PET-CT centres. South East Radiology is well-positioned for growth, evidenced by the recent grant of a full-rebated MRI license at its Moruya clinic.
“Importantly, South East Radiology is doctor-owned and we are pleased to welcome South East Radiology’s team of experienced medical specialists, to Qscan Group, both as practicing radiologists and equity partners, joining Qscan Group’s other doctor shareholders”, Mr Darville said.
South East Radiology General Manager, Mr Matthew Swain said, “We are excited to be joining Qscan Group, a leading national radiology group whose values mirror our own, with a core focus on delivering excellence in patient care supported by strong staff development and training. We were attracted to Qscan’s vision for the future, its team of excellent sub-specialist radiologists, which coupled with innovative radiology practices, has led to its outstanding reputation for delivering excellent health outcomes for patients”.
Settlement is expected in early July 2019 following the completion of customary transaction conditions.
Qscan Group is a leading provider of diagnostic imaging services in Australia operating Qscan Radiology Clinics, Universal Medical Imaging, Berera Radiology and North Coast Radiology Clinics. The combined group operates 42 clinical locations providing services to more than 1,000,000 patients annually.
Qscan Group is backed by Quadrant Private Equity (‘QPE’). QPE is a leading Sydney-based mid-market private equity firm investing in companies in Australia and New Zealand and has raised in excess of $4.7 billion and 9 funds since inception. QPE has extensive investment experience, having led 69 investments in the past 9 funds (with 54 exits) across a range of sectors including retail, healthcare, media, consumer foods, financial services and other sectors.