Allens has advised leading institutional investment manager IFM Investors on its acquisition alongside UniSuper of a controlling interest in PRP Diagnostic Imaging from Crescent Capital Partners, with PRP's doctors and management team expected to retain a significant ownership position.
PRP is a leading provider of advanced diagnostic imaging services across Sydney and broader New South Wales, with a strategic network of comprehensive clinics and deep specialty expertise in oncology, cardiology and musculoskeletal imaging.
The acquisition marks the first investment by IFM's newly raised Long Term Private Capital Fund, which is anchored by UniSuper and HostPlus and focussed on long term investments in established, defensible businesses with actionable growth profiles across Australia and New Zealand.
'We are delighted to have supported IFM on this marquee investment by its LTPC Fund. The transaction is the latest in a series of recent private equity-led buyouts of medical imaging businesses, with the intersection between healthcare and technology proving compelling. PRP Imaging is very well positioned for future growth with IFM's support,' said Allens Head of Private Capital and Co-Head of Private Equity Emin Altiparmak.
'Credit opportunities for private equity-led buyouts in the healthcare sector continue to be robustly supported by the Australian leveraged loan market. We congratulate IFM and its stakeholders on this transaction and are delighted to have advised on the debt financing,' said leveraged finance Partner David Couper.
Allens legal team
M&A/Private Equity
Emin Altiparmak (Partner), Joshua Hoare (Managing Associate), Niamh Rogers (Senior Associate), Vincent Pang (Senior Associate), Alisha D'Souza (Associate), Jack Keleher (Lawyer), Jakob Cobby (Lawyer), Olly Gagiero (Lawyer)
Leveraged Finance
David Couper (Partner), Brian Kirkup (Senior Associate), Claire Watson (Associate), Stanton Lau (Lawyer)
Funds
James Kanabar (Partner), Penny Nikoloudis (Partner), Jamil Diu (Senior Associate)
Employment
Simon Dewberry (Partner), Chloe Wilton (Managing Associate), Katherine Polazzon (Lawyer)
Property
Annabelle Aland (Partner), James Keir (Associate), Charlotte Chang (Lawyer)
IT
Michael Park (Partner), Jamie Griffin (Senior Associate), Erica Tan (Associate), Kevin Fan (Lawyer)
Regulatory
Richard Hamer (Counsel), Nick Li (Senior Associate), Edward Thien (Associate), Alexandra Moloney (Associate)
IP
Caroline Ryan (Partner), Lauren John (Managing Associate), Jacob Flynn (Associate)