Internal Rate of Return (IRR) 63%


Partners 1 Fund (Advent 6)


Money Multiple 2.0x

Inv. Date

August 2014

Exit Date

August 2016


Advent’s investment in IDX in 2014 supported the merger of Victoria’s largest independent diagnostic imaging provider, Lake Imaging, with Queensland’s largest independent radiology group, South Coast Radiology.

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.

Investment Rationale

Key Qualities
  • Strong industry drivers including ageing population
  • Solid regional market share
  • Significant barriers to entry including capital cost, hospital contracts, MRI licences
  • SCR acquisition secured
  • Fragmented market with industry dynamics supporting further consolidation
Investment Thesis
  • Implement a corporate health care model
  • Established board and strengthened governance
  • Successfully execute the acquisition of SCR to double EBITDA
  • Integrated onto one platform and leverage scale and synergies across the group

Value add

  • Designed corporate health care model including a regional incentive scheme, recruitment model and escrow arrangements
  • Secured SCR acquisition to double EBITDA
  • Managed IPO process and listed on the ASX on 21 October 2015, sold 52% and returned 1.1x, remaining shares sold 26 August 2016


  • Integral Diagnostics was successfully listed on the ASX on 21 October 2015
  • Following the IPO, Advent funds held 15% shareholding
  • Remaining stake was sold in a block trade on 26 August 2016 – a 2 year hold, 2.0x and 63% IRR