Australian private equity firm Advent Partners will try again next year to exit its radiology business Imaging Associates, according to two sources familiar with the situation.

Advent had talks with Pacific Equity Partners (PEP) earlier this year for the sale of the Victoria-headquartered diagnostic imaging provider, but did not reach a deal, Australian Financial Review reported on 8 April.

The mid-market PE firm decided to postpone the transaction in the middle of the year as it has projected a higher valuation for the radiology group, backed by new acquisitions and hospital contracts, the first source said.

The PE vendor will revisit a sale early next year as it is confident of fetching a better valuation thanks to Imaging Associates’ strong 2025 results, the first source noted.

The second source echoed that Advent is likely to run an exit process next year, adding that it is receiving many approaches for Imaging Associates already.

A third source familiar with the situation said that PEP previously approached Advent for the business and it was not part of a sale process, but the talks fell through due to different valuation expectations.

Imaging Associates is likely to be marketed at around AUD 300m to AUD 400m if it is put up for sale again in the revived attempt, the first source said.

The company generates EBITDA of AUD 25m (USD 15m) from 12 clinics, according to the AFR report in April.

Advent Partners invested in Imaging Associates in December 2021 from its Advent Partners 2 Fund, according to its website.

Established in 2008, Imaging Associates has more than 250 clinical and operational staff and more than 100 radiologists providing a comprehensive range of radiology services for all scan types in 13 clinics across Australia, as announced.

Advent declined to comment. Imaging Associates did not respond to requests for comment.

Meanwhile, Advent Partners is planning to launch its latest mid-market buyout fund, Advent Partners 4, with a target of around AUD 600m-AUD 700m (USD 391m-USD 456m) in 4Q25, according to a report by this news service.