Axis is an independent imaging business, with four diagnostic imaging clinics across Queensland. The sale of Axis to one of Australia’s leading healthcare companies, ASX listed Healius, completed on 30 June 2021.
The acquisition of Axis is part of Healius’ business network optimisation strategy, complements and extends Healius’ existing footprint and delivers synergies with their facilities and national contracts.
Healius also announced that its diagnostic imaging division, Healthcare Imaging Services and all its sub-brands, will be rebranding as Lumus Imaging, unifying its imaging businesses under one national brand.
Commenting on the sale, Sharon Ahern, Managing Director of Axis Diagnostic, said: “We engaged Grant Thornton to take our company to market because of their reputation for professionalism and expertise in the healthcare sector. The Grant Thornton team delivered a polished product that maximised buyer interest. The team completely managed the sale process which enabled the company to maintain its focus on business operations – essential in the current environment. To sell our company for fair value while navigating a pandemic is an achievement we would not have attained had it not been for the advice, diligence and experience of the team.”
Holly Stiles, Corporate Finance Partner, Grant Thornton Australia, added: “We continue to see strong interest from both corporate and Private Equity acquirers in a wide range of healthcare businesses, from primary care and allied health providers to suppliers of medical equipment. A range of factors is driving this M&A activity, including the resilience of the sector to market conditions, an aging population, the fragmentation of many parts of the sector providing good opportunities for consolidation and the generally strong market for M&A at the moment, with abundant growth capital. The sale of Axis Diagnostic is the most recent of a significant number of transactions in the health sector that I and my colleagues have been involved with and we congratulate the shareholders of Axis Diagnostics and Healius on a successful transaction.”
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