Australian Medical Diagnostics company – Healius, an ASX-listed network of pathology laboratories and diagnostic imaging centers, has signed a binding agreement to sell Lumus Imaging. Funds managed by Hong Kong-based private equity firm Affinity Equity Partners will acquire the subsidiary. The deal values Lumus Imaging at an enterprise value of A$965 million (US$669 million). This valuation is on a cash, debt, and equipment-lease-free basis.
Healius expects to receive net proceeds of A$835 million. This amount accounts for equipment lease repayments and closing adjustments. After transaction fees, separation costs, and other expenses, net proceeds will exceed A$800 million.
The transaction reflects multiples of 17.0x FY2024 EBITDA and 25.4x FY2024 EBIT on a pre-AASB16 basis. Healius plans to use the proceeds to refinance and optimize its debt facilities.
Earlier this year, Healius redefined its pathology strategy. Selling Lumus Imaging will reduce balance sheet pressures. It will allow Healius to focus on customer service, modernizing laboratories, and completing investments in digital technologies. These initiatives aim to improve services for patients and referrers.
After the sale, Healius will remain a leading provider of pathology services in Australia. It will continue expanding its bioanalytical laboratory services through Agilex. The company does not expect significant capital investment beyond its existing growth plans. It also plans to cut head office, infrastructure, and other costs to run a leaner business.
Mark Chudek, Managing Director at Affinity Equity Partners, highlighted healthcare as a key focus area. “We are excited to partner with Lumus Imaging’s doctors, healthcare professionals, and management team. We look forward to investing in the business and supporting its growth as a standalone entity,” he said.
UBS Securities Australia and Herbert Smith Freehills are advising Healius on financial and legal matters, respectively.
For more information please Read Here
