There’s signs of life in Intermediate Capital Group’s plans to sell health-tech company Everlight Radiology.

Nearly one year after Everlight’s auction was paused for the health pandemic, it is understood a handful of tyrekickers are back sniffing around and seeking updated data so they can put a fresh offer to ICG.

Scans are sent to Everlight Radiology critical care hubs for review. Jessica Shapiro

Global private equity bigwigs KKR and EQT are understood to be on the trail – both in the knowledge that ICG is looking for an exit and Everlight is one of a small handful of COVID-19 paused deals that is yet to be revived.

Sources said ICG had retained Rothschild Australia for advice, although was yet to try to advance any of the interest by formally re-starting the auction or engaging with one of the firms for an exclusive round of talks.

Still, it should be encouraging to see the likes of KKR and EQT interested. Both are cashed-up and have the global bandwidth to make the most of Everlight, which has offices in Australia, New Zealand, the UK and South Africa and plans to win work further afield.

Everlight is a unique radiology company. Its focus is more on diagnostics than running scans or tests, and it doesn’t have any X-ray machines or clinics.

Instead, Everlight employs teams of specialists that work at the diagnosis end of the industry. Scans can be taken anywhere, and at anytime, and sent to one of Everlight’s critical care hubs for review. It’s a global business, hence the interest from global funds.

This time last year, Everlight was pitched with about $30 million in annual earnings and expectations of a deal valuing it at about 15 times. It is not known how those numbers have changed in the past 12 months.

Source: Financial Review