New Radiology Partnership and Continued Australian Dental Growth for Abano

Abano Healthcare Group has today announced the acquisition of Insight Radiology, a highly regarded Specialist 4D Ultrasound Obstetric practice with two clinics in Auckland.

Insight Radiology joins Abano’s Diagnostics sector, which also includes Ascot Radiology.

In line with its partnership philosophy, Abano is acquiring 80 percent of Insight Radiology, with the clinical founder, Dr Richard Davis, holding the remaining 20 percent. Over the next year, Abano plans to sell down its holding to 70 percent, through the introduction of new Radiologist partners to the Insight business.

With a staff of eight people, including three consultants of whom two are radiologists and one is a specialist Obstetrician, Insight Radiology operates two clinics in Auckland, in Parnell and Takapuna.

Managing director of Abano Group, Mr Alan Clarke, said: “We are delighted to be investing in Insight Radiology, which is highly regarded in Auckland for its specialist obstetric services. Insight will continue to run independently and we will be working closely with Richard Davis to support him in growing the business.”

Abano has also announced the acquisition of a further three dental practices by its Dental Partners business in Australia.

The acquisitions include a second Canberra dental practice founded by Dr Peter Boyle and two long standing Adelaide practices, Glenelg Dental Centre and Greg Bennett Dental.

Managing director of Abano Dental, Andy Tapper, said: “Dr Boyle’s practice consolidates our presence in Australian Capital Territory following the recent acquisition of another Canberra practice, Modern Dentistry, in October. We are excited by our entry into South Australia which is a continuation of our ambition to be a national dental network in Australia.”

The acquisition of these three practices brings the total number of Dental Partners practices acquired since inception of the business in June 2008 to 14, and it remains on track to achieve its stated objective of up to 19 practices by the end of May 2009. Following the latest acquisitions, Dental Partners will have annualised revenues of over A$22.5 million.