Image Plus Consultants Ltd (IPCL), which trades as Apex Radiology, disclosed that it agreed to buy two diagnostic imaging companies for $620 million.
The acquisitions were already disclosed, but not the purchase price. It allowed the company to expand its footprint to eight locations across Jamaica.
Management indicated that the total consideration was $620 million, but it still owes some $470 million.
“Having successfully completed two acquisitions, the company leads the provision of diagnostic imaging in Jamaica, offering patients convenient access to multiple modalities across eight service locations,” Chairman Dr Steven Lewis and Director Dr Jacqueline Leckie said in the directors’ report accompanying the first-quarter results for the period ended May 2026.
The figure was disclosed in its financials as deferred consideration. It more than doubled total liabilities to $946.3 million from $420.8 million at the start of the financial year. The company also drew down a $49.3-million bank overdraft to help fund the acquisitions, a facility, it said, that has since been replaced by a term loan.
IPCL completed the acquisition of Island Radiology effective May 1, adding three locations – Eight Rivers Town Centre in Ocho Rios, Caledonia Mall in Mandeville, and Oasis Plaza in Santa Cruz. The company told The Gleaner that it agreed to pay $550 million to acquire Island Radiology and $70 million for the Woman’s Place.
The company paid $100 million in cash during the quarter, according to the cash flow statement, with the remainder structured as deferred payments.
Island Radiology has provided medical imaging services since 2003 and is the sole private provider of MRI and bone densitometry studies in central Jamaica, IPCL said. The acquisition was the second in the company’s growth strategy, following the purchase of The Woman’s Place in the third quarter of the prior financial year.
The expansion drove an improvement in quarterly performance. Revenue rose a third to $351.9 million from $267.4 million a year earlier, with the two acquisitions contributing $45.7 million. Only one month of Island Radiology’s results was captured, given the May 1 transaction date.
Profit before tax more than doubled to $32.8 million from $13.7 million, and earnings per share rose to three cents from one cent. Total assets grew more than a third to $2.1 billion, driven principally by the assets from the acquisitions. Scans completed in the quarter rose by a third to 17,444.
business@gleanerjm.com
