Partial Exit of Integral Diagnostics via IPO

October 2015

We are pleased to announce the successful IPO of Integral Diagnostics (formerly Lake Imaging) on the ASX. The business was listed in October 2015 with a market capitalisation of A$275 million. The IPO resulted in Advent reducing its shareholding by 50% and returning more than the original invested capital to investors after 14 months.

Advent’s investment in August 2014 supported the merger of Victoria’s largest independent diagnostic imaging provider, Lake Imaging, with Queensland’s largest independent radiology group, South Coast Radiology. The combined Integral Diagnostics group has over 50 radiologists and 600 employees providing services across 44 sites in four states including 12 hospital sites.

Integral Diagnostics is now Australia’s fourth largest provider of diagnostic imaging services to general practitioners, medical specialists, allied health professionals and their patients. The business has a strong presence in major regional centres and is unique in the sector as the radiologists, who include some of Australia’s most highly awarded and credentialed specialists, are significant shareholders of the business.

Healthcare remains a core focus for Advent. We have a highly successful track record in supporting Australian healthcare companies including GenesisCare, Primary Healthcare, Benchmark Hospital Group and Cochlear.

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