Persistence Capital Partners Announces Sale of Medvue's Quebec Medical Imaging
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.