During September 2021, VPEG4’s Investment Committee approved a $2 million co-investment alongside the Advent Partners 2 Fund into Imaging Associates Group (IAG), one of the leading independent providers of diagnostic imaging services in Victoria and regional New South Wales.

Established in 2008, Imaging Associates Group (IAG or the Business) is an independent diagnostic imaging provider which is owned and operated by a team of 24 shareholders, including 19 radiologists. IAG operates across five private practices and holds two large hospital reporting contracts with Eastern Health (EH) and Murrumbidgee Local Health District (MLHD).

The business has rapidly grown to 51 core reporting doctors and has established private practices in Box Hill, Mitcham, Tecoma and Baw Baw in Victoria, and Wagga Wagga in New South Wales. IAG is also opening a sixth private practice in Rowville VIC in the second half of 2021.

The business is led by a highly commercial radiologist, Chris Holden, with the management support of an experienced CEO/COO Philip Read, and a highly regarded set of sub-specialist radiologist clinical leaders.

Advent management will look to grow the business organically through the rollout of further greenfield private practices in attractive locations and deliver on operational initiatives to increase earnings.

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