Cardioscan Pty Ltd – the largest provider of ECG and Holter monitoring services in Australia has been sold to private equity

Thursday, 6th December 2012


Cardioscan – a Melb based private company has been sold to private equity under a process run by M&A Partners, a boutique corporate advisory and investment firm in Melbourne. Positioned in the e-health sector, Cardioscan is the largest provider of ECG and Holter monitoring services in Australia. Clients include the major private hospital groups (Ramsay and Healthscope) and the major pathology groups.

Cardioscan employs technicians and cardiologists to read and interpret the results from ECG’s and Holters and then send these electronically back to its clients. Business drivers are the ageing population and increased use of tests to diagnose chronic disease earlier. Transaction Value was c.$13m. Acquirer was Harbert Private Equity Group (Melb based) which acquired an 85% stake with the balance held by the vendor Mr Paul Kelly and management.

Antony Lynch Director at M&A Partners commented “Cardioscan is positioned in one of the fastest growing sectors of the healthcare industry and as a result we were able to achieve an outstanding result for our client after a lengthy and highly competitive sale process which saw no less than 5 different bidders emerge for the business”.

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Tuesday, 4th December 2012


M&A Partners acted as corporate advisor and arranger for the recently announced $23.5m placement and rights issue for Symex Limited (ASX: SYM). This capital raising is part of a broader business and debt restructuring of the company. Symex announced on 4th December 2012 that it had received $18.3 million of subscriptions under the Entitlement Offer. This is well in excess of the minimum subscription of $10 million under the prospectus for the Offer and will enable the Company to undertake its restructuring namely, to fund the closure of its Specialty Chemicals business and relocate its bleach plant to its Shepparton site to enable Symex to focus on its core consumer products business.

Click here to view the Pental website