Money Multiple


Internal Rate of Return (IRR)

Aug 2014

Investment Date

Aug 2016

Exit Date

Our investment in Integral Diagnostics

Integral Diagnostics (originally Lake Imaging) provides diagnostic imaging services, such as X-ray, ultrasound, CT and MRI, via its network of hospital sites and clinics across Australia. Lake Imaging was Victoria’s largest independent diagnostic imaging provider, and Advent’s investment supported its merger with South Coast Radiology, Queensland’s largest independent radiology group, to become Integral Diagnostics. The combined group has over 50 radiologists and 600 employees, providing services across four States.

The Opportunity

The business had a strong presence in major regional centres with solid market share. Strong industry tailwinds and significant barriers to entry in a fragmented market meant that the company was well-placed to capitalise on the consolidation opportunity. Additionally, its team of radiologists included some of Australia’s most awarded and credentialled specialists.

Demonstrated Impact

Over the course of our partnership, we facilitated the development and implementation of a corporate health care model, including a regional incentive scheme and recruitment model to retain and attract talent. The operations and processes of both Lake Imaging and South Coast Radiology were integrated on to one platform to leverage scale and synergies across the group, and a Board was established to strengthen governance.


Integral Diagnostics was successfully listed on the Australian Stock Exchange in October 2015. Following the IPO, Advent retained a 15% shareholding, which was sold in a block trade in August 2016. The investment was a 2-year hold, returning 2.0x money multiple and 53.7% IRR. At exit, the Group was Australia’s fourth largest provider, and had doubled its EBITDA over the investment period.

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