Qscan Group to partner with Envision Medical Imaging

Infratil Limited 5 Market Lane, PO Box 320, Wellington, New Zealand Tel +64-4-473 3663 www.infratil.com




8 April 2022


Qscan Group to partner with Envision Medical Imaging

Qscan Group (“Qscan”) yesterday announced the completion of an agreement to purchase Envision
Medical Imaging, Perth’s largest privately owned medical imaging clinic.

Envision Medical Imaging (“Envision”) is the preeminent private medical imaging business in Western
Australia, employing 23 doctors and operating across two locations in Perth. Envision provides a range
of diagnostic imaging services including MRI and PET-CT services.

The acquisition of the Envision clinics brings Qscan’s Australian clinic footprint to 81 sites supported by
over 130 doctors.

Qscan CEO Chris Munday said, “we are passionately committed to investing in high quality, market
leading radiology groups and our acquisition of Perth’s Envision Medical Imaging, a leading Western
Australian diagnostic imaging group, reinforces this commitment”.

“Dr Brendan Adler and his team have built an exceptional reputation in the Perth market for quality and
innovation which we will continue to support and build on. Our investment in the Perth market is set to
grow and the Envision network of doctors, patients and referrers is a key part of this growth strategy”.

Infratil CEO Jason Boyes highlighted that “last year, Infratil took a majority stake in Pacific Radiology,
a large New Zealand radiology business, and subsequently partnered with Auckland Radiology and
Bay Radiology creating a scaled New Zealand entity. The acquisition of Envision by Qscan follows a
similar path and provides further scale and synergies to Infratil’s wider Australasian healthcare
platform”.

On completion of the acquisition, Infratil will own approximately 55.1 % of Qscan. The acquisition was
funded from Qscan’s existing bank facilities and reinvestment by Envision doctors. The Envision doctors
have reinvested a significant portion of their sales proceeds into the equity of the combined entity,
consistent with Infratil’s existing radiology businesses.

Envision Medical Imaging founder and CEO Dr Brendan Adler will be staying with the business to help
Qscan develop and grow in the Perth market. He commented “We are excited to be joining the Qscan
Group, which like Envision has an enviable reputation for providing high quality diagnostic imaging and
patient care supported by an outstanding team of clinicians and support staff.”

“Our teams are excited about the future potential for growth in Western Australia and we look forward
to working with our Qscan colleagues to share learnings and opportunities in our exciting and ever-
changing industry.”

Envision is expected to contribute EBITDA of A$5 million to the Qscan Group.

Any enquiries should be directed to:

Mark Flesher, Investor Relations, Infratil Limited
mark.flesher@infratil.com