Canadian private equity firm Persistence Capital Partners (PCP) has sold all of the Québec radiology operations under its Medvue Medical Imaging banner. The buyer in the non-disclosed transaction was Envision Diagnostics Inc, a diagnostic imaging specialist based in Los Angeles, Calif. The Montréal-based Medvue Medical Imaging was formed in 2003. PCP sold the company’s Ontario assets in the early part of last year. In April 2013, PCP raised over $90 million in the first close of its second fund, Persistence Capital Partners II LP, which is targeted for $225 million. Managing partner Stuart Elman was interviewed by peHUB Canada about PCP’s fund-raising activity and its exclusive focus on established Canadian healthcare businesses.
PCP Announces Sale of Medvue’s Quebec Medical Imaging Operations
January 14th, 2014 – Persistence Capital Partners (“PCP”), a private equity fund exclusively focused on high-growth opportunities in healthcare, is pleased to announce the sale of all the Quebec radiology operations under its Medvue Medical Imaging (“Medvue”) banner. Medvue is a leading provider of medical imaging services in Quebec, and this announcement follows the sale of all of Medvue’s Ontario assets announced in Q1 2013.
Initially acquired by PCP in 2009, Medvue’s Quebec radiology services are principally in magnetic resonance imaging (“MRI”) and include 3 clinics providing a full-range of general and specialty MRI services in Montreal and Laval. The Quebec MRI operations were sold to Envision Diagnostics Inc. (“Envision”), a privately held diagnostic imaging provider that will continue to operate the business under the name Medvue Medical Imaging, by the same high standards previously associated with Medvue.
PCP portfolio entities will continue to provide radiology services other than MRI through its PCP Fund I holding, Medisys Corporate Health (“Medisys”). Medisys is Canada’s leading national provider of corporate and executive health services, and provides CT, Ultrasound, Mammography and X-Ray procedures across the country. Commenting on the transaction, Lloyd M. Segal, Managing Partner at PCP, said, “We are pleased to complete the sale of our last businesses held under the Medvue banner, which have combined to generate good returns for PCP’s Limited Partners. Our Medisys colleagues look forward to continuing to collaborate with Envision on delivering excellent MRI services to our patients.”
KPMG Corporate Finance served as an advisor to PCP on this transaction.
About Persistence Capital Partners
Persistence Capital Partners is a private equity fund exclusively focused on high-growth opportunities in the healthcare field. With deep healthcare industry expertise, PCP aims to create significant long-term capital appreciation for its investors by identifying and developing attractive investment opportunities in the Canadian healthcare market.
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