Bell Gully acts in $98m sale of NZ business to ASX-listed company

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Bell Gully is advising on the sale of an Auckland-based business to an Australian medical imaging company.

The top firm was tapped by the sellers of Specialist Radiology Group, Trinity MRI, and
Cavendish Radiology to ASX-listed Integral Diagnostics (IDX) for $97.65m. The businesses operate four specialist radiology clinics in Auckland and lead in their market for complex diagnostic imaging, including MRI, CT and SPECT.

IDX is acquiring the businesses for $74.4m in cash, as well as $23.25m in IDX equity, of which 80% will be held in escrow for up to five years. The businesses are expected to contribute between $12m and $13m EBITDA to IDX for financial year 2019.

Anna Buchly, who was recently appointed as Bell Gully chair, led the firm’s team with Auckland partner Chris Goddard.

The acquisition is expected to close next month.

Bell Gully recently acted for the Department of Corrections in one of the New Zealand government’s most significant outsourcings in recent years.


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