Novacap-backed CDC buys Guardian Radiology, The Ultrasound Centre

• Guardian Radiology, headquartered in Canmore, Alberta, is a community-based radiology business
• The Ultrasound Centre is a Warman, Saskatchewan-based provider of diagnostic ultrasound services
• CDC said the acquisitions will increase its presence across Western Canada

Canada Diagnostic Centres (CDC), backed by Novacap, has acquired Guardian Radiology and The Ultrasound Centre. No details of the transaction were disclosed.

Guardian Radiology, headquartered in Canmore, Alberta, is a community-based radiology business. The Ultrasound Centre is a Warman, Saskatchewan-based provider of diagnostic ultrasound services.

CDC, a Calgary-headquartered medical imaging services company, said the acquisitions expand its footprint in Saskatchewan and strengthen its standing in Alberta and British Columbia.

CDC has been backed by Novacap since 2021. It today has 28 clinics in Alberta, nine clinics in Saskatchewan, and one in British Columbia, servicing about 700,000 patient visits annually.

“Novacap is proud to support the continued growth and expansion of CDC,” said Marc Paiement, senior partner at Novacap, in a statement. “The recent transactions serve as a testament to this commitment, further solidifying CDC’s position as the premier provider of radiology services in Western Canada.”

Founded in 1981, Novacap is a North American mid-market private equity firm with more than C$8 billion of assets managed. The Montreal-based firm has invested in more than 100 platform companies and completed over 150 add-on acquisitions.