The European private equity firm is buying a majority stake in Intelerad Medical Systems from Canadian private equity firm Novacap. The deal is expected to close in the first quarter. (The Logic)
Talking point: This is the first Canadian investment for Hg and the second made by its New York office, which opened last year. Although Hg is now the majority shareholder, Novacap, which initially invested in 2016, will still hold a stake in the firm as it seeks to expand both through organic growth and mergers and acquisitions. Intelerad’s top line has increased by over 20 per cent year-over-year since Novacap’s investment. The firm currently has over 400 employees serving over 300 health-care organizations around the world. Today’s investment values Intelerad at over $650 million.