Radiologie Paris Ouest (RPO), a medical imaging group based in western Paris, is changing shareholders. It is leaving Azulis Capital to join forces with Imagerie Cardinet group, one of the leaders in medical imaging in the Paris region. The merger was made possible thanks to the support of asset management company Andera Acto. Here are some explanations and analysis from the experts at AURIS Finance, an M&A consultancy.
Imagerie Cardinet is steadily expanding its presence in the Paris region. Following a year-long investment in Andera Acto, the company has announced its merger with Radiologie Paris Ouest. Imagerie Cardinet group is acquiring a pure player in the medical imaging sector with sales of €20 million for 2023. As part of this transaction, Azulis Capital, a shareholder in RPO since 2019, is selling all its shares to Imagerie Cardinet.
Asset management company
The merger was successfully executed with the support of Andera Acto. A subsidiary of Andera Partners, an asset management company specialising in mezzanine investment, Andera Acto supports management teams wishing to acquire or strengthen their majority stake in their company and finance growth projects. Since its foundation in 1980, Imagerie Cardinet group has undergone significant development over the past three years, driven by Andera Acto. Initially specialising in women’s, couples’ and children’s imaging, the group has successfully extended its offering to all areas of medical imaging. It now has 14 centres and generates sales of €30 million.
60 associate physicians
RPO unites approximately twenty independent radiologists across fifteen centres. At the time of the merger, the doctors associated with RPO reinvested more than half their shares in the holding company of Imagerie Cardinet. In addition, another merger with a group of radiologists in eastern Paris is in progress and should be finalised before the end of the year. Once finalised, the consolidated Imagerie Cardinet group will have more than 60 associate medical practitioners. This strategic merger will consolidate RPO and Imagerie Cardinet’s position in their traditional territory, the Ile-de-France, while strengthening their relationships with partner healthcare establishments.
A strong drive towards concentration
This operation represents a strategic development in the consolidation of the medical imaging sector in France, underpinned by an entrepreneurial model that maintains robust involvement of the affiliated medical professionals in the group’s shareholding and governance. Since the start of the year, there have been other synergies based on a similar model. In January, Ouest Biologie, an independent network of laboratories based in Brittany and Normandy, acquired Biopole, a medical biology laboratory based in Morbihan. This acquisition aligns with the shareholding model, enabling the management team to acquire a stake in the capital while fortifying the company’s position over time.
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By pooling costs, health centres generate favourable margins. The shareholders and governance framework encourage management teams to maintain a high degree of commitment. In the case of the merger between RPO and Imagerie Cardinet, the development project remains entrepreneurial, while the presence of a management company gives the stakeholders the means to achieve their ambitions. Further developments are anticipated in the near future. At AURIS Finance, our experts are specialised by sector. We can support your development projects, from identifying a target to integrating it and structuring the financing.
