Affinity Equity Partners, a private equity firm based in Hong Kong, has agreed to acquire Lumus Imaging from Australia-listed laboratory services provider Healius for A$965 million ($658 million), making it Australia’s fourth-largest private equity deal this year.

Lumus Imaging offers diagnostic imaging services across 150 sites in Australia and employs around 2,000 people. The company's specialties include X-ray, ultrasound, PET/CT, nuclear medicine, MR, mammography, interventional radiology, fluoroscopy, and CT.

The imaging unit represents one part of Healius' offering, which includes several other brands offering laboratory and pathology services.

The legal team at Herbert Smith Freehills advised Healius on the sale of Lumus Imaging to Affinity Equity Partners.

“Diagnostic imaging is experiencing strong deal flow, with the return of indexation and the pending deregulation of MR funding, combined with tailwinds from increasing demand and service complexity," said HSF partner and sector lead for Healthcare Natalie Bryce. "HSF has market-leading experience in this critical sector and we were delighted to help deliver this result for Healius.”

Affinity Equity Partners has over $14 billion in assets and funds under management. The company's other healthcare holdings include Ramkhamhaeng Hospital in Thailand, and Island Hospital in Malaysia.

PE deals have stalled in Australia in recent years amid high interest rates and a challenging exit landscape, according to the market analysts at PitchBook. Only $18 billion was transacted so far this year, which is equivalent to half of the deal value in 2023. Deal count has also been in decline with fewer than 200 PE deals happening this year.

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