Allens has advised global private equity sponsor Livingbridge on the acquisition of Australia's largest teleradiology provider, Everlight Radiology, from Intermediate Capital Group.
Everlight provides teleradiology services for providers across the globe from its critical care hubs in the UK, Ireland, Australia and New Zealand. Everlight works with hospitals and clinics to provide urgent after-hours reporting as well as routine, overflow and backlog reporting. Allens' alliance firm Linklaters is advising on the UK aspects of the acquisition.
This is Livingbridge's largest acquisition in Australia, and neatly complements Livingbridge's Better Medical and Habit Health platforms in Australia and New Zealand.
PE partner and Funds sector leader Emin Altiparmak said, 'The healthcare and technology sectors have consistently proven fertile ground for PE sponsors to play in. Everlight combines the two and supports the growing demand for remote or 'tele' services in healthcare. The business will be well served by Livingbridge's global healthcare experience.'
Co-Head of PE, Mark Malinas said, 'This year is further evidence of a mega year for sponsor led transactions in the Australian market. Businesses such as Everlight appeal to private equity and their ability to structure transactions with a shared ownership model alongside management and healthcare professionals to drive outperformance.'
'We are very pleased to have been able to support the Livingbridge team on this significant transaction,' Emin and Mark said.
